Don't know how kids like it, but it's interesting for adults. The animation is good, the narration by Peter Schickele is very good, and the score by Schickele is excellent.
The DVD also contains "In the Night Kitchen" and four other Sendak shorts, and the extras include Sendak talking about his books.
This version would be a good lead-in to watching the 2009 movie (I did it backwards) since it turns out that the 2009 movie is closely based on the book/animated short, just greatly expanded. It even contains many of the lines from the original, and these make more sense when you know they are from the original.