The Good:
Excellent scripting and writing. The whole reason the movies do so well is the interplay of the individual characters, and the game replicates this perfectly. During battles, cutscenes, whilst walking, the banter and interactions are non-stop and, most of the time, hilarious. You can't play this game without gaining an affinity for the characters and genuinely caring about their stories and what motivates them.
The characters are brilliant. Lady Hellbender, Cosmo, Warlock etc. all bring an added layer of hilarity to an already positive game. Their stories, and those of the main characters, keep you wanting to play more and care more for the individuals.
The not so good:
Some levels are pretty linear and repetitive. Even though you go to multiple locations on multiple worlds, many of the locations are essentially the same thing - large corridors to go down. The banter and story helps detract from this somewhat, but it can get repetitive. it would have been amazing to have an open world to explore.
The combat can be a bit naff. Having to tell the other characters to do their special attacks on the bosses is fun, and the level advancement is decent, it doesn't gel as a whole 'fun' experience. It's basically just hitting the boss enough times that his shield drops, then wear down their health. The bigger the boss, the greater their shield. It's not intrinsically broken, it's just not amazing.
Overall I would highly recommend this game. It's hilarious, genuinely funny, and has a great story that keeps you entertained throughout the 30 or so hours it took me to complete it, and if you have any affinity to the movies, it will delight you. Despite some repetitive gameplay and levels, it is well worth a shot.