I was going to create a new thread, but found that someone already posted this for the trailer. Could the original poster or one of the mods/admins change the title to “Ponyo Cliff by the Sea”? That aside, here I go with my review! 
MILD SPOILERS AHEAD.
Anyway, I caught it today alone, since none of my friends or family were interested in watching. Crowd report: It was in a small theatre with only 8 rows and only about the three back rows were occupied. I was aware of a large family in front of me, a kid and his mum to my left and a snogging couple to my right. The kid on the left in particular was pretty restless during the slower scenes.
Anyway, they showed the Ice Age 3 trailer featuring Scrat and his lady friend, which brought a lot of laughs at the twist ending, then they showed Monsters Vs Aliens, which funnily resulted in only one or two kids laughing. I think they showed Hotel for Dogs in the middle (what’s with all the dog movies? BHC, Bolt, Marley and Me?) which brought about no discernible laughs.
But on to the show. Ponyo, in case you didn’t watch the trailer or read the plot description, is basically Miyazaki’s take on “The Little Mermaid”, but set in Japan. Sosuke, a five-year-old boy, discovers what he thinks is a goldfish, and takes care of it, naming it Ponyo. Ponyo falls in love with Sosuke, and wishes to become a girl so she could spend more time with him on land. Unknown to him, she is really the daughter of an evil undersea sorcerer, and his actions will have repercussions for his entire seaside town, and very possibly, the entire ocean world.
Miyazaki delivers another home-run for what is apparently is his last movie, and it succeeds mainly because of its 1) awe-inspiring set-pieces, and 2) detailed secondary character animations.
With regards to the first kudos, the colour palette reminds me of a children’s storybook or a crayon drawing. It’s very juvenille (but not childish), and suits its cheerful theme. The coastal setting is beautiful and the ocean action sequences are wonderfully rendered. There were a lot of memorable scenes, the Ponyo’s jellyfish rise-to-the-surface in the opening sequence, the tsunami waves chasing the car while Ponyo runs on the surface, Sosuke and Ponyo’s boat journey to search for his mum, etc.
As for the second comment, most people would be familiar with this observation. Miyazaki’s animators did a fine job of making characters who behave and act in a very believable manner. While other studios go for larger-than-life, zany and exaggerated actions ahemDreamworkscough, Ghibli (and to a certain extent, Pixar) animates its characters with understated subtlety. There are many examples, like how the mum balances her shopping bags and kicks one on the floor past the doorway, or how Sosuke licks his spoon after stirring honey into his tea, or how Ponyo tries to (unsuccessfully) break her instant noodle cake.
With regards to the characters, they all are fairly well-developed and have intriguing stories and histories. The mother, in particular, was intriguing as a zany parent who doesn’t ‘speak down’ to her son, and harbours a longing for her husband’s absence on his frequent sea voyages. As for the romance aspect, in many respects, Ponyo is similar to Wall-E’s love story. The more ‘matured’ male protagonist has to teach the more impulsive force-of-nature female a few social graces, as well as his endearing efforts to search for her when she goes missing. Both are alike also in the sense that both loves are honest and true in their childlike-chastity.
The only criticisms I have is that the story isn’t as particularly thought-provoking or ground-breaking as Miyazaki’s previous efforts like Spirited Away or Princess Mononoke. Certain story elements reminded me of other films like Free Willy or The Perfect Storm, and some scenes (like the mysterious tunnel in the hill-side and the infinite sea of a world underwater) are reminiscent of Spirited Away. There was an unnecessary scene involving a family on a boat with a very grumpy-looking baby, the final ‘test’ was kinda anti-climatic (not to mention that it didn’t make much sense), and the ending entirely predictable. Even the credits was the shortest I’ve seen for a film, period (probably about two minutes in length). But they never really promised anything in the trailers beyond a sweet love tale between a boy and the fish who wanted to be the girl, so these shortcoming are somewhat forgivable.
So, all in all, you’ve got the standard Miyazaki formula of weird fantastical looking creatures, a huge action set-piece or two, a tender romance, and a deep-rooted environmental message to the audience. Not that I’m complaining. Ponyo is a quiet triumph, mainly because of its adorably kawaii protagonists, beautiful secondary animation that reveal a great deal about the characters, pretty scenery and breathtaking visuals. If the plot was tightened a bit, and a more arduous climax included, then this would be a much more compelling movie. But as it is, it’s a very optimistic and cheerful film, one that should leave you with an enormous goofy grin as you leave the theatre.
“Ponyo! Sosuke! Suki!” 
That’s 
I did’nt know Ghibli could go so low. I just have one question. Is Ponyo just playing in select theaters. I can’t find it anywhere. When I see this I’ll see if it’s really as bad as it’s said to be. I really hope it’s not. 