Some positives: I love the stop animation look. All characters looked like wooden dolls, that and some really great executions of this look made the world interesting. Like a Wes Anderson world.
The opening was gut wrenching and set up the story well, and throwing the story to WWI and WWII was an interesting change, that worked.
The negatives: while I thought the idea of two sister deities, the rules of the afterlife, and all that was really captivating...they threw it all in the trash, the whole message of the movie, by bringing Pinnochio back to life.
Life is precious, never squander it or take it for granted. Ope, wooden boy died for good...lemme just magic him back to life because the cricket (who barely played a role in the movie) asked.
Then ending on a happy note where Pinocchio wanders the earth, seemingly fine is contradictory to what the underworld fairy or God said. The ending basically made that character pointless IMO.
Aaargh, could have been so great. This and a few other plot holes drag this movie down from a 4 or 5 to a 3. Very much worth watching, but not as clever narratively as it thinks it is.