I had of course seen the Disney movie, but it was years ago and I couldn't really remember much details about it. But when the group challenge on one of my forums requested books featuring pirates, this was the only book I could think of.
I was pleasantly surprised. I've found that quite some stories for children from the early part of the 20th century have become unreadable today (at least for children), but I didn't find Peter Pan boring. What I really liked was that it really reads as if the author was telling you the story (instead of you reading the book). I think children today might still like it.
Now that I've read this book I noticed all kind of things I hadn't when watching the movie (or at least had forgotten). Like, how terrible the children are for going away and (completely) forgetting about their parents, and what a bitch Tinker Bell is! I personally really liked the subplot with Captain Hook and the ticking crocodile. I read the free (and legal) to download version from Project Gutenborg, which is without the pictures, so I can't comment on them.
One point I couldn't help but noticing though is that at times it feel sexist. I know the book is one hundred years old and not to blame, as it was common to think that way around that time. But the idea that boys couldn't clean/behave themself unless there's a girl to tell them to do so. That all females are jealous of each other, and that - of course - Wendy doesn't help in the fight, for she is just a girl. In that respect, Peter Pan has aged less well. (But then again, he wanted to stay young forever :P)