Saw the film at the 2005 Mill Valley Film Festival. The group I was with all loved it.
The film is a clever mix of a Rankin & Bass holiday special a Thunderbirds TV show and Adult Swim humor. The story is a very funny take on today's corporate culture of greed and corruption. The characters range from the twisted greedy Santa Claus, the corrupt union president Frosty Snowmen, the innocent hero Sparky Elf and the insanely obsessive hench-elf Mr. Fritz. The look of the film combines string puppets, detailed cardboard sets and computer effects. There are many film homages and an ending that would make any James Bond fan happy.
Unless they're fans of the Simpsons, I would not recommend this movie for young children as it portrays Santa and the elves in a negative light.