Decent but not extraordinary.
Unsurprisingly for Spielberg, the movie was beautiful - the scenery, the animal(s) and the story without any gore and blood usual for such movies. But I couldn't care less for human characters as not a single one was long enough present on the screen. Maybe something was wrong with the script, when it couldn't make me feel something for the people in the movie. I certainly did care for the horse - the depiction of his sufferings was almost unendurable - so I expected more at the end of the movie, more emotions, more... something. Like Spielberg was told to be moderate in his outbursts of affection, but this is a wrong kind of movies to apply such advice. Lassie Come-Home wouldn't be so good family movie had we been to its characters so...indifferent.