Went and saw it today.
For children--don't see why not. No blood or gore, no sex or nudity (bad thing?), but lots of explosions and really cool air-to-air combat.
What might put the kiddies off is the movie's style. It is entirely filmed in soft focus, almost sepia, tones. And it starts off with a bang, slows a bit in the 2nd quarter, then picks up like a roller-coaster for the last half.
Did I like it? Yes. You have to go into the theater with an open mind and lots of imagination. I now know what it was like to see a movie the way my grandparents did. The whole picture's style, plot, effects (even though they are better done now) are all reminiscent of a 1930's serial action flick.
It is NOT set in the future. It all takes place in the late 30's(?) Connections to Crimson Skies? There was only 4 different types of aircraft, and only two of them were 'futuristic.'
Again--did I like it. Yup. Will I buy it when it comes out on DVD. Probably not. I may however, since it is such a unique look back on a different era.