It's passable. I liked the live action one better.
Seriously, its a pretty "blah" movie. The story was right there with the book, but it was acted and animated quite poorly. And, for no reason, they stuck a barbershop quartet in there - singing about a spider who likes a pig - when you think about it, THAT was totally unnecessary.
The acting totally killed the story. Wilbur was so whiny! I hated it. The voices weren't at all fitting for Wilbur or the sheep. Charlotte was okay, but the rest were poorly chosen.
Ghastly looking animation. Okay-ish character design for Wilbur, but Charlotte was horrible. Her character design totally ruined her for me. Unnatural movements, mis proportioned animals, and it just looked ugly.
Worth a watch, but not over and over.