Well, I wanted to like the new Oz and the title sequence was stunning, but then the wheels fell off the wagon.
The film lacked brains. I've seen much better performances by all the actors involved. There is no lack of talent, yet Rachael Weisz was the only appropriately-cast actor. The story is also a rather dull and predictable cut and paste. Oz is supposed to be a place where anything can happen, not a place where you know exactly what's coming next.
Except for the China Girl, the movie lacked the heart of actual character development. I didn't really care about anybody in the film or what happened to them except for the China Girl.
This film lacked Raimi's courage to make his mark. There are a lot of goodies planted in the film for Baum fans, but it fails to cultivate a real darkness, sense of wonder or the legitimate feel of character growth that a modern audience can relate to. It's certainly better than Tim Burton's Wonderland, but not by much. That's probably why he's marked his disinterest in the sequels.
I give this a solid C for the effort. I'm glad this did well. Theaters needed a hit, cinema needed a hit and Disney needed this to not be John Carter. I hope it goes on to make another $150 million and maybe even gives us better sequels. I just won't be buying this on Blu-Ray when it comes out this summer.