If you are a fan of the original Pilgrim's Progress book then you may find this movie to be one of the best film adaptations of the book. Books use different methods to tell a story than films do. So, you will find small differences between the two but it is very true to the original story. The director does a great job of allowing you to experience the story from the book in the form of a film. I wouldn't say this film competes with the book but rather that it is a companion to it.
I'm done with the review but since I must write 10 sentences, let me offer a warning about people that seem to enjoy being critical of other people's work. The negative nature of such reviews should cause one to question the maturity of the people submitting a review as well as the quality of their work (don't think that doesn't matter - it always matters).
A great filmmaker was once asked who his favorite filmmaker was to which he responded "anyone that finishes a film." Those are words from a person who truly knows what he is talking about.