This cartoon movie is pretty well done, and should be a lot of fun for older kids (maybe 8-12). It can be enjoyed by teens and adults as well, but there is some violence and thematic elements that I think make it less suitable for younger kids.
It's based on an original story. It has elements reminiscent of a few classic Holmes stories, but it's different enough to be considered original. You might even find it has more in common with other early detective and adventure fiction, such as the Boston Blackie stories. It has a slightly dystopian, yet hopeful feel that is common to both Dickens and quite a lot of fantasy anime. The basic human warmth of Conan Doyle's Sherlock Holmes stories comes across pretty well here. However, I think the elements of suspense and foreboding could have been given more emphasis, which would have led to a more satisfying resolution.
The characterizations of Holmes and Watson and their police force counterparts are somewhat familiar, but deviate from the books in certain ways. At this point, there are so many adaptations after the books, I won't try to compare and contrast them all. Holmes is a man of action, yet also a thinking man. He's perhaps a bit more hyper and impetuous than you might expect. Watson is a bit more cowardly and cranky than you might expect. Their interactions work fairly well, though maybe more could be desired. The police characters and their interactions are pretty humorous. The supporting characters, especially the urchins and orphans, add a nice bit of variety and humor. I would say that the supporting cast was defined in a confident manner that would almost make you wonder if this was a sequel, as it actually felt like the characters knew each other from before.
The animation in general was better than I expected. It's a mix of 2D and 3D CGI, with a generally clean line style and pleasant colors. Some of the character designs I liked, others looked a bit awkward. The facial expressions were mostly effective, if a bit simplistic. Action scenes, including moving characters, vehicles, and other objects, were done pretty well. The backgrounds were maybe a bit too simple. The overall look was good, but there were few scenes that would make your eye want to linger too long.
The ending sets up a sequel, which should really come as little surprise, given the episodic nature of Holmes stories. It may be a bit tricky for the producers to decide how epic they want to make that next story. I hope they get around to making another one soon.
In summary, I enjoyed this film and recommend it to others.