I remembered watching Space Jam in the theater when it first came out, and I loved it. I re-watched it again with my daughter, and loved it a little less. Michael Jordan isn't the best actor in the world, but working with cartoons isn't exactly an easy thing to do, and it is a kid's movie, so I'll give him a pass. The "talent-less" basketball players are pretty funny. You can tell they all had a great time making this movie. The soundtrack for this movie is probably the best part about it. It made me super nostalgic. It really elevates the entire movie. The cartoon characters are their typical, zany selves, and they interact pretty well with the actors.
The one thing I absolutely cannot stand is Lola Bunny. She's the eye candy "love interest" for the movie, and she's generally disrespected throughout the entire movie. She tries to prove that she's no "doll".... until she becomes the damsel in distress character and falls for Bugs Bunny, who comes to save the day. The same Bugs Bunny that she wouldn't give the time of day to in the beginning of the movie. I dislike her entire narrative.
Other than Lola, I think the movie is pretty good. My daughter loves it, and has asked to re-watch the "basketball movie" a few times now.