I think the sense of wonder is gone. As a child, you get very invested in the characters, you wish you could go on that adventure, but as an adult, you see it through a different lens and I must say THE NEVERENDING STORY still works. It's not too cheesy or sappy, it's a movie a kid and an adult can watch and enjoy. Good visuals. Both child actors do a good job.
Some scenes drag like when Atreyu is in Falkor's lair and he meets the human smurfs.
I also like that the kids act like kids as opposed to kid talks like a grown person because the writer has no clue what kids think or say.
The sequel sucked, though. I wish I'd never seen the one with Jonathan Brandis acting like a tween bitch in the forest or the third movie featuring Jack Black as a leather punk bully. Just awful.