I'm slightly shocked at a few reviews who imply that this film remains in any way faithful to Anna Sewell's excellent book. It absolutely does NOT. Nothing remains of the book but a few character names and the fact that Beauty is black with a white blaze on his forehead. It's misleading to even associate Sewell's name with this movie. It's quite obvious that several reviewers have either forgotten everything they ever knew about the book, or (more likely) never read it at all. If you are looking for a movie version of the book to watch, look elsewhere.
So, it's just a film about the life of a horse, and as such, it is so-so. The beginning of the movie does have some beautiful shots, set as it is in the British countryside somewhere. But it pretty much goes downhill after that, becoming a series of vignettes about Black Beauty's various owners, with little in the way of real depth, and even less focus on the horse himself.
It's reasonably entertaining for a rainy day. Older children would likely enjoy it most. I am personally unlikely to watch it again, and will be checking out the other versions in the hopes of finding something resembling a reasonably faithful adaptation.