I thought it was a well done adaptation of the book, but better in some ways because it wasn't nearly as depressing as the book was in parts.
The parts with Jacob were fantastic. Taylor Lautner did a great job with a complex character.
The CGI scenes with the wolves were incredible. It captured the transformation as I pictured it when I read the book.
Not sure why it was rated PG-13 since I didn't see any scenes I would have not wanted my daughter to watch. It was appropriate chaste and even the few scenes of violence were not gory or inappropriate to the movie.