It's not fair to kids. With all his technical flair, Spielberg has created the equivalent of the 70-year-old with dyed hair, troweled makeup, in tie-dyes and high tops. And in doing that, messed with Neverland. Spielberg is old enough to know better.

Spielberg does to us precisely what he does to Peter Banning -- he engineers a return to our childhoods, to experiences both pleasurable and painful.

The result is his most sentimental film, because unlike E.T. it refuses to take up residence within a child's mind, preferring to stay outside and fantasise about it. Condescension is no way to treat a fable.

It is as clear an example of American cinematic know-how, lush extravagance, culture and cultural imperialism as you're ever likely to see.