I watched this on accident, hoping instead to watch the 1991 version with Robin Williams.
This has the brilliant character design of a Rankin & Bass production, with the same inconsistent stop motion animation. There are moments that look incredible, while others look half-finished.
There's plenty of imagination and creative design, but it suffers from the same problem of many folk story adaptations. The repetitive, cyclical nature of these stories make for odd pacing in adaptations. They also appear to mix some Baron Munchausen into the story, but my knowledge of the original Russian story comes from Wikipedia.
Not a strong recommend. But if you're in between Rankin & Bass holiday specials and just need a fix, this scratches a similar itch. Those interested in stop motion animation will find even more to enjoy.