Just got back from seeing it and thought it was wonderful. The theater we go to had 26 different showings of the standard version and an additional ten of the 3D. We went to a standard showing and it was just about full (large, stadium style seating for every screen in this theater). Our audience clapped at the end.
Some of it is identical to the cartoon, which I noticed right from the opening sequence (which brought tears to my eyes to see the beloved classic turned into this "real" version). The real/animation deal is so seamless and convincing that I felt totally pulled in. The thing I did notice though, is that without the cute animated characters, it is really apparent how dark this story is. And there isn't a whole lot of levity to be had except for Timon and Pumbaa, who I thought were perfect! I thought Scar was perfect as well. And John Oliver was great as Zazu.
My favorite was Rafiki though. Those eyes! I loved him.
I cried when it started, I cried when Mufasa died, and I cried at the end, and then clapped while crying.
Maybe I'm just easy to please. LOL. My 75 year old parents went with me, and they loved it too.
It made me miss Animal Kingdom a lot too! LOL!