Let's discuss the product first; which is an extremely basic Blu-Ray, lacking any and all special features save for the movie trailer. I'm not an expert on picture quality, but the film and audio seemed to be standard Blu-Ray quality.
As far as the film goes, it's lost between being a loving homage to the original vision and a standard PG joke fest complete with double entendre and bathroom jokes. Personally, I would have preferred a full G rating with more emphasis on capturing the spirit of Our Gang.
What's missing? The illusion of real friendship. The movie suffers from a severe lack of chemistry between the lead buddies, Spanky and Alfalfa. Throughout the film it's difficult to believe that these two children are best friends. A much better job is done with the characters of Porky and Buckwheat; it's too bad all the casting wasn't better.
On the topic of casting, certain roles overall seem wasted. I hate to critique children so harshly, but the lackluster performance of Spanky, Stymie and Darla truly heightens the admiration I hold for the raw talent of the original actors! The most noticeable is Darla, who might have been cast solely based on appearance. This is an odd shame when one remembers how well the original Darla could sing, dance and act with a good degree of comic timing.
Basically, if you enjoy the Little Rascals and keep an open mind, you should enjoy watching the classic gags being updated. Just try not to judge this Rascal crew too harshly; there was only one George McFarlane after all!