A new Guillermo Del Toro movie is always something worth getting excited about, and I think his take on Pinocchio is another winner. While it might not live up to his very best films, it's another strong addition to his filmography... though it's also worth mentioning that he co-directed this one. Mark Gustafson is the other director, and he's not going to get as much credit as Del Toro, being the lesser-known name. But I imagine you don't get credited as a co-director unless you do a good deal of the work, so he shouldn't go ignored.
It's easy to see why this take on the Pinocchio story was appealing to Del Toro. It's a fairly dark fairytale, it deals with child characters in a cruel world, it blends fantasy and real-world conflict (here, it's set in Italy I think either before or at the start of WW2), and it's also a story with big emotions, being heartfelt and also surprisingly sad in places. All these themes/directorial trademarks can be found in Del Toro's other films, which makes this one feel right at home among them (even if it's the first to be animated).
The animation looks unique and is great to look at throughout. Unlike other animated movies with unique looks, I didn't feel like this one took a while to get used to. It pulls you in right away, and I think the music helps a great deal, too. It's overall a nice-looking and nice-sounding movie, with pretty good voice-acting, too.
The fact that it deals with mature themes (surprising amounts of death and Fascism in this movie) and might look unsettling to some, while also having child-friendly comic relief and music numbers do make it feel a bit odd tonally. I appreciate the effort that went into making this a movie with elements that'll appeal to younger viewers, and elements that'll appeal to older viewers, but I'm not sure the variety of tones is always balanced expertly. If I had any criticism, it's that, but otherwise, this is a very good animated movie, and another triumph for Del Toro (and his co-director!).