I remember seeing this on TV when i was 7, and mistaking it for The original wizard of Oz from the 1930's, and when i reached the end of the movie, i was scared out of my mind!
Even though the movie scared everything out of little old me, i still enjoyed it more than the original classic, because it nailed the dark fairy tale atmosphere that i enjoyed (and still enjoy) as a child.
I think that if you were a big fan of the 1930's musical - i doubt you'll enjoy it, this probably isn't for you. But if not, i think you should give it a go!