I too found this movie via Redbox. As others have said, it certainly has its moments, but there are some major disappointments.
Some funny moments, granted. The kids seemed to enjoy it.
The ubiquitous happy-go-lucky elf giving his all. An overweight and flatulent Dasher trying to relive his glory days (nights?)
The songs -- DULL.DULL.DULL. (Did I mention DULL?) What's with the magical winter-active caterpillar? The Evil Stepmother taken to a new level -- a real Dickensian witch with Paris Hilton's chihuahua. NO Christmas for 30+ years? And the confusing link between Santa's Magic Sack and the Christ Child... over-the-top doesn't say enough.
Finally, IMHO, this would be a prime feature for a Christmas-themed MST3K...