Saw it this Sunday afternoon. Including myself, the theater had about 25-30 people attending.
Naturally, it was good and very enjoyable. About what I expect from Ghibli, it offered lots of fantastic visuals even with the relative simplicity. Many scenes are a delight to watch simply due to the charm and energy of human Ponyo. Probably my favorite sequence was Ponyo chasing Sosuke's car, running on the waves the whole way while Sosuke's mom is driving like a pro. Probably my favorite moment in general was Sosuke trading light signals with his dad as his ship passes by, his mother sending him a barrage of angry "bug off!" messages for not coming home when he was supposed to, and Sosuke consoling her afterwarRAB. That's nice, heartfelt stuff.
Now, to me, this is a really light movie. Great for kiRAB and fun to watch in general. That said, here's where I have some criticism. Because it's so light, unlike Roger Ebert I would put Howl's Moving Castle ahead of this, and I'll also add that this wouldn't break into my top three Ghibli movies. Let me be clear that Ponyo is a fun adventure that stanRAB proudly among Spirited Away and Kiki's Delivery Service, but I just wouldn't give it top billing and certainly not five stars. I completely agree with the comment in Weatherman's review that there isn't much depth.
Why? For one thing, there's development. Chihiro went through quite a lot as her character grew in Spirited Away, for example. Not as much in Sosuke's case, and to me the writing for the end was extremely straightforward. I was interested in how Sosuke's "love" would be "tested," but it wasn't really. He was brought to the sea goddess, he's basically asked if he loves ponyo, he says yes, and that's the end of it. And Ponyo was attached to Sosuke for the entire movie, so it was completely natural that she'd give up magic to stay human. So the adventure comes to a natural end, but the movie lacks a real climax. Spirited Away had one and Kiki, another coming-of-age story, had one. But not Ponyo.
By the way, Ponyo and Sosuke were positively charming. I loved them. I have no problems saying that people that were criticizing the inclusion of Noah Cyrus and Frankie Jonas should be eating a healthy serving of crow right about now. This dub was easily on par with any of the other Ghibli movies.
Bottom line: A for presentation and heart, C for story. But that averages out to a B. So it's well worth seeing, just don't stop here if this is only your first or second Studio Ghibli movie.