The animation is just incredible. It is hard to believe that it is made in 1940. I thought it is from 1960s or 1970s.
The plot is shattered. Act 2, 3 and 4 tell three disjoint stories, which help the growth of Pinocchio. I think it may be better if the film can tell a more complete and nuanced story, instead of three small and sketchy stories.
Some details are particularly interesting. For instance, Jiminy moves his eyeballs according to the ticks of the clocks.