We saw The Lion, The Witch & The Wardrobe, kids loved it, parents loved it.
Don't know about what these boooks meant to you guys, but my dad read them all the way through to my brothers & me when we were real little (and usually my younger brothers would fall asleep before he got to the end of the chapter), and he read them all again a couple years later. I think the second time around I partly taught myself how to read by following along over his shoulder. I read them again in college and now that my boys are old enough for 'chapter books' I have been continuing the tradition. We finished TLTW&TW and are nearly done with Prince Caspian, so the boys have been very eager to see the film.
I can't speak for anyone else because Narnia was a central part of my earliest & fondest memories & probably shaped a lot of my imagination. It certainly led to my lifelong love for specualtive fiction. But, imho, this qualifies as one of the most perfectly executed adaptations of a famous book in movie history. For me it plays almost exactly on screen as it has so many times in my head. They left nothing out, and only added a couple of elements that really enhance the key plot points. The four children are nearly perfectly cast, although Lucy ought to have had fairer hair. The CGI is so good that you completely don't notice it. Aslan, Mr. & Mrs. Beaver, Tumnus, et al are such seemless & realistic images on screen that there's practically no disbelief to suspend. And unlike Lord of the Rings, the EFX aren't dazzling in and of themselves, and thus don't remind you that you are in a movie theater.
I had Gabriel, my not-quite-4-yr-old, on my lap most of the show & he was really into it, kept asking me questions, but for the most part when I told him to shush & just watch he did so. At one point he was a little frightened and I told him it was all okay, and Christina (sitting on the other side of Adrian, my soon-to-be-6-yr-old) asked what was bothering him. Before I could answer, Adrian said, "He's an emotional child". Not disdainfully, mind you, just be way of explanation. Cracked me up.
Later after Aslan has made his sacrifice & Lucy & Susan are sitting there crying, Gabriel started to cry too, and he said, "Daddy, when's the table going to break?" Of course just as he spoke it was completely silent & and everyone within 20 feet must have heard. Then one second later came the great CRACK of the table breaking. Perfect timing.