I received a DVD of this episode from Producer's Showcase, and it was quite entertaining.
Peter Pan was played by Mary Martin of course, and along with Captain Hook, Mr. and Mrs. Darling and Tiger Lily reprised the same roles up until the TV production in 1960.
With the Darling children, it reminded me of the Cathy Rigby version, just for the fact that they were played by actual children and not grown-ups who were trying to pull it off.
The film itself reminded me of something out of '50s TV, specifically The Fred Waring Show (excerpt found on Alice in Wonderland DVD) Along with the Disney cartoon, the musical is quite entertaining and magical, and this is a great movie to add to your Peter Pan collection, if you have one.