La Esposa and I just saw it this weekend. We both enjoyed it.
It is basic Disney fare with the princess coming-of-age but there were a few twists that make a different story from previous tales: Merida (the heroine) is not Cinderella. All the basic elements are there except it was the Princess who saves the day and she does it by growing up some not by falling into the overused stereotype of most Disney princess movies. I liked that.
The action sequences were well directed and the script had everything it needed and nothing it didn't. One thing I appreciated was that the king, Fergus, was a both loving father and a uxorious husband without coming across as a wimp or a buffoon.
Now if only Pixar would take on an animated version of The Stealer of Souls.