An enchanting fantasy with superb character design (the evil old lady, the drunkards, and the 2 outlaws), amazing action sequences, and nice humor. It's originality is in having a horse in a different role than in anything I've seen yet.
The ending ('climax') feels forced, and does not do justice to the rest of the movie; the movie is a musical, and none of it is embarrassing, but the love song (on the boat) is the low point... boring.
[sidenote] I didn't expect much from this one, simply because I never heard it mentioned before. Note also that, for a few years now, I don't really check out what's on the circuit.