Its a great love letter and conclusion to the Shrek franchise. After the previous movies, seeing Shrek becoming open towards others and finding acceptance in the society he lives in, we see in this 4th movie how those things mean a lot him and his journey is to bring back his old life again after the horrible decision he made with the main villian. Fiona becomes essential in this story with her inverted character arc and the dynamic between Shrek and Donkey is nice to see again. The main villain, Rumplestiltskin is fun to watch, carries most the jokes in this film, and raises the stakes in the story. The film takes fimiliar characters and settings and warps them into this dark and twisted alternate universe.
The movie may not be as funny or light-hearted compared to the previous film with its tonal shift but acquires this mature and dark atmosphere that fits well in this compelling and impactful underrated narrative.