I loved it!
I caught it on ION Television earlier today as their TV, weekend movie. And I'm shocked to see how much negativity its received on here.
Yeah, you can predict from the beginning pretty much how the plot will play out (especially once the crazy military forces show up on the land where Angus is hiding Caruso) and it has an E.T. vibe going for it. But as far as kids movies go, this was very touching, and I'm very far from the emotional type.
Very, very well-done family movie. And the CGI was surprisingly good - mostly in the beginning when Caruso is a baby. At points, it was hard to tell if it was anamatronic or CGI. The CGI got a good bit more obvious later when it was in the ocean and had to interact with more background, but still, far from the worst CGI I've seen in even huge-budget movies.
http://24.media.tumblr.com/tumblr_ljtz63RIMq1qhcd6po1_500.gif