This is actually quite a good retelling of the classic tale, though of course not a completely accurate one. Still, I'd say that the film is very much faithful to the spirit of Louisa Alcott's 1868 novel, if not always to the letter of it.
To its credit, the movie manages to avoid becoming overly sentimental or sickly-sweet by providing some sharp, humourous moments as well as serious ones. It also has some good messages for its viewers, and only seems a little preachy on a couple of occasions, early in the film.
All of the actors put in fine performances, though I'm less fond of the actress who portrays Amy as an adult, not because her performance is bad but because Kirsten Dunst's Amy was so charmingly vain and impish that her replacement seems a little flat and insipid by contrast. Gabriel Byrns and Eric Stoltz turn in creditable performances as Professor Bhaer and John Brooke respectively, though my favourite supporting actor in the film is Mary Wickes who plays cranky old Aunt March. Fans of old movies may remember Wickes from her roles in such films as White Christmas, The Trouble With Angels, and The Music Man, to name a few. One of my favourite performances by her is in The Man Who Came To Dinner (1942) in which she plays the much put-upon Nurse Preen. She's also great in her role in Little Women, playing Aunt March as sharp-tongued and crusty, but with her heart in the right place. All in all, it's a very enjoyable film.