I watched most of it (I was doing some things at the same time that it was on, so I missed some bits), and I have to admit that I really enjoyed it.
I fully admit that I have a higher "suspension of disbelief" ability than a lot of people I know, though.
So I was able to sit back and try to enjoy it for what it was - a stage play on TV. And, to me, that was all it needed to be.
I really enjoyed it. I liked most of the cast (Christopher Walken as Hook? Who thought he was a good casting choice?), and I loved the sets.
And the flying... I really loved the flying.
But my favorite scene, I think, was the very end. Perhaps it was because of how sad/happy it is, or perhaps it was because Minnie Driver carried it off so well as Wendy all grown up. Either way, it really tugged at all the right emotional spots for me.
If you get the chance to see it - or, better yet, if you can find a live production of it somewhere nearby - I highly recommend it.
There's nothing like a bit of live theater to get you in a festive mood, after all!