Well, I'll admit it. Space Jam isn't the perfect film.
But I thought it was rather enjoyable to watch when I saw it. The way that the characters (both live-action and animated) were able to interact with each other was really good for me, but I agree, the storyline was quite predictable and the script was poor and weak.
But I thought the characters sounded good, even with different voice talents than the original Looney Tunes cartoon shorts. The new Looney Tune, Lola Bunny, was a decent love interest for Bugs IMO, but other than that, she was nothing more than "fanservice" for the cartoon-loving fellas out there.
It was good to see the Looney Tunes gang again, even if the movie kinda sucked. But the animation was the main highlight. The addition of the real people with the 2-D animated toons and the wild and zany cartoon gags and all were a good touch. Plus, there's basketball and Michael Jordan - what could be better than that? ^___^
In the end, where the story fails, the animation tries to make it up and does a pretty decent yet not perfect job at it. If you like basketball, Looney Tunes, and Michael Jordan, go check Space Jam out; it's worth at least a couple of watches or a cheap DVD buy at least. It's a good vs. evil battle on the courts that's welcomes back the Looney Tunes for a new generation (not sure if it was either a good or a bad thing though).
Three stars from me!