Just got back from it. I liked it! But also disappointed. But also I was kind of expecting to be disappointed, if that makes sense? Like I knew I was building up the movie to something it was unlikely to be, so it wasn't really a letdown when it didn't meet my expectations.
The biggest issue is that for the most part, the story and the characters are just kind of... there. There were definitely some bits that felt important for building specific elements of the movie--they have to put Pikachu in danger so Tim can make the decision to save him, Tim and Pikachu have to have the talk about Tim's dad to bring them closer, etc.--but then there were a lot of parts of the movie that felt almost perfunctory. Lucy doesn't really feel like a character. I get that her first scene is intentionally hammy (though this doesn't come off well, at the point in the movie where it happens it's easy to pass it off as "kid movie overacting"), but we don't really get much more from her after that. She's mostly busy advancing the plot, and we only get bits and pieces of who she is, like when she steals Cynthia's identity (to show she's a spunky reporter willing to grab opportunity when she sees it), but then doesn't get to do much with it.
I actually thought Ken Watanabe was fine. He wasn't exactly asked to do a lot and he did as much as was necessary. Bill Nighy was fine, I suppose. The guy who plays his son, though, is basically "kid's movie villain" levels of overacting for significant portions of his screentime. Tim and Pikachu had some great scenes together, and I think you get pretty good insight into Tim's character throughout the movie; what I wasn't expecting was Pikachu to be a little bit thin. He mostly just cracks wise and has the occasional heart-to-heart with Tim (which, I won't lie, got me right in the feels despite having seen most of that scene in a trailer already). It's hard for him to do much as a character when the movie is busy hiding his true identity in what is easily one of the least surprising twists ever. I'm actually fine with how obvious that twist is, except that it sort of hurts the movie's ability to give Pikachu much of an arc. The biggest revelation Pikachu as a character gets turns out not to even be true (when he decides that he actually betrayed Tim's dad, and therefore he's no good as a partner).
The story feels thinner than it should. The plot advances like clockwork and there's no real tension to any of it. Outcomes are never in doubt, just where character loyalties lie, and not really even then. That could just be a kids' movie thing, but I think it might be more a function of budget and running time.
All of that said, I will also admit that some of my disappointment is in how easily I slipped into the world of the movie and came to accept the presence of pokemon everywhere in the real world. I say "disappointment" because I stopped being amazed by the spectacle of it, but in reality that's a huge achievement and I wouldn't have thought it possible a few years back. And while there weren't really a ton of super tense moments, I laughed a bunch (DITTO) and I cried (seriously, that dad conversation, I don't care if people think it's too sentimental, it got me), and that's more than a lot of movies I've watched lately.
I would love to see more of this. Please give me more of this.