Almost everyone from the age of five and up knows the story of Peter Pan, the boyish leader of the Lost Boys who never grew up. The countless plays and films adapting the story have been popular for decades, the most popular being Disney’s animated version from 1953. When Stephen Spielberg tried to adapt an all-star grown-up spin on the story in 1991’s “Hook,” many people cried foul.

Director P.J. Hogan (probably best known for directing 1997’s “My Best Friend’s Wedding”) now takes his stab at adapting the play into a live action film. This time, instead of twisting the story and plotlines, he stays true to the original play written by J.M. Barrie in 1924. Of course, since it’s 2003, Hogan uses all of the cinematic visual tools available, and in the process creates one of the most amazingly beautiful renderings of the beloved classic that could possibly even rival Disney’s masterpiece.

Sticking to the original story, John, Michael, and Wendy Darling (Rachel Hurd-Wood) are visited by the Faery Tink (Ludivine Sagnier) and the one child that never grew up, Peter Pan (Jeremy Sumpter). The Darling children are allowed to accompany Peter to Neverland, past the first star to the right, where they join Peter and The Lost Boys and their continuous adventures against the evil Pirate Captain Hook (Jason Isaacs), and will never grow up. Of course, when Wendy realizes that they are resigned to being in a world of make-believe and starting to forget their parents, she intends to head back home, but not before Hook captures her and the Lost Boys. With Wendy in tow, Hook uses her to lure Pan into a trap that will be sure to bring him victory over his fierce rival for the last time.

Peter attempts to save the girl he has these strange feelings for, and the love between Peter and Wendy is the tension that underscores the story and is played brilliantly by the two pre-teen newcomers. The coy smiles, the awkward gazes, and something as simple as the touching or holding of hands all signal the innocence of first love, and as Wendy begins to realize that their love will never mature is both sad and beautiful. The two young actors play their parts to near perfection, and are a lock for next year’s MTV Movie Award for “Best Onscreen Kiss.”

One of the strong points of the film is the genuinely witty dialogue, which throughout the film comes across as neither canned nor silly. Even the humor hits right on the mark. Again, Hogan stays true to the material, and the film is much stronger because of it.

The glue that ultimately blends the film and story together are the cast of largely newcomers. Wendy, Peter himself (notably the first boy to play the role on screen), and the flighty, non-speaking Tink are all so well cast that they are seamlessly integrated into the film. Jason Isaac’s dual role as both the stodgy banker and father Mr. Darling and the ruthless Captain Hook are so polar opposite of each other that, unless you’re aware of the casting prior to seeing the film, you probably wouldn’t notice that they are the same actor.

If there is a weakness at all to the film, it is occasionally in the visual effects when the characters are “flying.” Rarely is there a feeling of believability as the characters fly across the room, and the computer enhancement is strikingly obvious. However, there are segments, particularly in Neverland that are flawless, and Tinkerbell’s visual performance and addition is sublime.

The theme is quite a bit darker here than with previous versions, with Hook offing members of his crew every time they do or say something that displeases him, and Tink’s jealousy streak being so strong that she convinces the Lost Boys to try and kill Wendy. This is not your typical “all is happy and nothing ever bad happens” family film. Of course, Wendy survives, and Hook really is the evil villain, so all’s well that ends well, and it is all played out with tongue-in-cheek humor.

While watching the brilliant colors and scenery, I was reminded strongly of another enjoyable film involving a young girl, Alfonso Cuarón’s 1995 film “A Little Princess,” based on Frances Hodgson Burnett’s novel of the same name. This film was vastly overlooked, but is a visual and heartfelt treat with an amazing story at its core. P.J. Hogan’s “Peter Pan” is a wonderfully funny and magical film that matches the overall complete package of “A Little Princess’,” and just “gets it right.” It would be a shame to say that it is one of the best family films to come along in quite some time, since putting it in a sub-genre does the film injustice. Instead, I’d be inclined to say that “Peter Pan” is simply one of the most enjoyable films of the year.