I took the kids to see Ponyo last weekend.
It is absolutely gorgeous.
If you're a fan of Miyazaki then you will love Ponyo.
The usual ingredients are all there; an amazingly imaginative storyline (although not as imaginative as other Miyazaki films such as 'My Neighbour Totoro' or 'Spirited Away'), lush drawing that takes your breath away, lovable characters and a stunning musical score that oozes atmosphere.
As with all Miyazaki's films, Ponyo will be enjoyed by adults and children alike.
I took 5 kids aged from 5 to 13 and they all loved it as much as me.
Highly recommended.