This is the best Toy Story movie, and the only one I truly enjoyed. The toys go through some elaborate adventures, ending up in some seemingly hopeless situations, but luckily ending up surviving one way or another. And the ending is as happy as can be. The environment, as presented by the leader of the childcare toys, is so-gorgeous and so-enchanting. The baby villain is quite scary, and the main villain is unforgivably evil. My favorite characters are Rexx (the sweet dinosaur) and the female cowboy (with her retarded voice). The clown, who makes a first appearance here, is the best-designed character in the whole series.
update: A revisit was by far less enjoyable, but some moments remain interesting (the Spanish mode), some charming ones (check the college age toy owner with the toddler) and some great visuals (check the trash sequence).