Like Chandru at Seeing Green I enjoyed the film immensely. Read his post about the film for some compelling insights.
The movie Golden Compass has toned down the irreligiosity of the book
(the bad guys, for example, are the "Church" in the book, and merely
the "Magesterium" in the movie, still redolent of Christianity but
would probably not register with kids.) This group, by the way, is bent
on destroying the free will of the people and making them more docile,
understanding and "happy." The best conceit of the story is that the
embodiment of "free will" and/or the "spirit" appears as little animals
that accompany all humans and serve as conscience, sooth-sayer and
idea-bouncer. Makes for wonderful CGI graphics in the movie, but
animalizing a soul-equivalent is not calculated to win religious
hearts. And the Magisterium is bent on separating the little buggers
from the children.