More good than bad. It worked best, I thought, when it was at its most fairy-taleish, and was at its weakest as a rousing Lord of the Rings-style adventure. There are loads of interesting visuals, including a sequence set in faery land that was kept out of all the promotions for this film, probably for fear that the film would appear cutesy and teenage boys would refuse to go. The dwarves, a slew of English character actors shrunk by CGI, are generally excellent. Kristen Stewart is pretty underwhelming, especially when she's required to go all Joan of Arc toward the end. There are some beautiful shots of her, and some shots where she reminded me of that little boy in Panic Room.
Charlize Theron as the Evil Queen is just okay. She was a little too shrill and scream-y for my tastes. Her costume design, on the other hand, was Oscar-worthy.