Edit, 2007: this movie's rating has been changed in line with my new guidelines for DTVs, which boil down to 'I don't expect this to be 'Bambi''.
WOW! Thank you Tom Rogers! After 10 years, you've finally given me a reason to join in the party and rejoice in 'The Lion King' - because without that over-rated original, this terrific, hilarious prequel or midquel or whatever the hell it is, couldn't exist!
Though Pumba gets equal billing, Lion King 1-1/2 is told mainly from Timon's POV (did I mention that he single-handedly saved the original movie from character Hell?). Its starting point is probably around the same time as TLK's, or slightly earlier - however the two films take quite a while to intersect, and whenever they do, it's done with delicious cleverness. I mean, I don't usually laugh at fart jokes, but this movie contains maybe the greatest one ever committed to celluloid.
I think we should get something straight from the outset. 'Lion King' was, on the whole, a fairly earnest film aimed at kids. So was 'Simba's Pride'. They each had their lighter moments (well, the first one did, anyway), but essentially they were dramas. 'Lion King 1-1/2' ain't no such thing. It's not just a straight-out comedy, it's a send-up of the original film. An affectionate send-up, sure, but it's irreverant to the point of satire. Finally, this isn't a kid's film with a few mature gags for adults: it's a film which is intelligent enough to probably go over some _adult's_ heads in places.
Put it this way. Name another Disney film where characters use words like 'existential', 'epiphany', or deliver lines like "Max! Timon's out there chasing metaphors!" - and within about 10 seconds of that there's a reference to 'Bowling for Columbine'! Nay, folks, this is no dumbed-down DTV sequel for toddlers. As matter of fact, just now I'm struggling to think of a cleverer, funnier Disney movie.
Amazingly though, fans of the original movie will probably still enjoy this - that's so long as they don't mind, or don't notice how all the serious characters from the first film are made to look ridiculous how the monolithic pivotal scenes films from the first movie are hilariously deflated. The writing for this film is just a treasure, and as far as I can see there was only one main writer. Again, wow!
Ok, at a more workaday level: the animation isn't as sumptuous as the original, but it's still probably good enough for theatrical release, and way better than what the standard of DTV was only a few years ago (I must admit 'Simba's Pride' did much to lift the quality of DTV animation, but this one sometimes nearly gets into the same ball park as the original.)
Timon, Pumba, Simba, and Nala's original voice actors are back, so everything sounds like it should. The songs aren't amazing, but they're plenty good enough.
The real accomplishment here though is the superb marriage of comedy, satire, and multi-layered storytelling (not only does the film intersect the original at numerous points, but the film itself is a film within a film, and in both films the characters are likely to break the 'fourth wall' and involve the audience, or totally break the 'reality' of proceedings. I think my favourite moment is Timon complaining that he can't think because of the background music. It's not like Mel Brooks wasn't doing stuff like this thirty years earlier, but it's cool anyway).
And with all this parody and irreverence going on, the film manages to be occasionally touching, in the same way the original was occasionally funny.
Wow, I could go on. What a great little film. If it has any fault, in my humble opinion, it's that you have to have watched the original movie to understand it.
BTW, in Australia it's called 'Lion King 3'. I assume this is because we went decimal decades ago and can't deal with fractions anymore.