I remember watching this on VHS a lot as a kid. The story has a lot going on, but never once was I confused or it became too much for my brain to keep up with.
It's a very fun and emotional tale about how Santa came to be. Where the elves came from, why the toys, why the immortality, where the reindeer came from, why he only goes out to deliver toys once a year, and why the name.
The characters are compelling, complex, and you grow fond of them. Despite the short running time, it has a complete tale from start to end with very little filler and fluff. Most everything has a purpose. And though the visuals at times are dated, it is very nice to look at overall.
Highly recommended to add to the holiday movie rotation.