This rating is based on my kids' (four and two) perspectives. They love it--especially the four-year-old. To me, however, this film is lacking that "Disney Magic." In fact, it smacks of direct-to-video release material. I can't believe this actually appeared in theaters.
It's interesting that some reviewers comment on the lack of plot. The original JB plot is lacking, as well. Get the boy out of the jungle and to the man-village to escape Shere Khan. That lack of plot in both films, however, magnifies the difference between the two. JB1, interestingly, is the first Disney film where the actors actually played a part in the development of the characters. Phil Harris IS Baloo. Same goes for Louis Prima (King Louie), Sebastian Cabot (Bagheera), George Sanders (Shere Khan) and Sterling Holloway (Kaa).
How can John Goodman, et al, compete? In most instances, they cannot. Goodman was awesome in Monsters, Inc., but here his performance seems lackluster and uninspired. Same goes for most (but not all) of the other characters.
It is interesting to note that Jim Cummings who provides Kaa's voice in JB2 also is the "modern voice" of Pooh. And, that Sterling Holloway who provided Kaa's voice in JB1 was the "original voice" of Pooh. Cummings does a good job as Kaa in JB2.
Overall, there was no way for Disney to satisfy us adults, who grew up on the original JB (and like me who recently shelled out big bucks to get the original on DVD), but it does work on the kids' level. And, that's what matters in my book.