Yes, I gave this a 2. I wasn't able to pay attention to the whole thing, so I wanted to be fair.
1) Was the dubbing SUPPOSED to be off during the film? If you have ever watched a kung-fu movie, then you have some idea of what the dubbing was like. In the beginning of the movie, the dubbing was twice as bad. The voice over work was TERRIBLE. I think film students could have done better after they've partied all night.
2) The special effects were TERRIBLE. I swear, I could see wrinkles in a few of the back drops. The effects seemed to be very outdated. The elves didn't really have pointy ears either.
3) Skimpy costumes. This was supposed to be a movie for kids, right? Well, black leather and bikinis don't really fit in a Christmas movie, I'm sorry. I would say it had no magic at all.
The TV guide review said that this movie didn't capture the magic of the original. I would say it had no magic. I could go on, but I keep twitching when I think of the movie. It was very slow, and unwatchable. Watch it if you must, but it's not really so bad it's funny. It's just plain bad.