By far, the best of the 3 movies.
Precisely because it was least like the book.
Instead of slavishly following the book as the other two did, even putting in unimportant parts, this cut down to the essential, film-friendly plot, and added a lot of visual elements (like the whomping willow sequences, which were superb, and the giant clock, and others I forgot.) The magic, instead of being "ooh-look-at-me" was subtler and in the background, but accomplished even more impressively.
I quite enjoyed that movie.
Oh, and now that the Olsen twins have achieved their majority, our friendly neighborhood pedophiles can camp out on this page:
*Warning:
I strongly advise those who are more sensitive to strong language and crude humor...do not click the link*http://www.ethyr.dark-omens.com/emma.htm;)