Starring Dakota Blue Richards, Nicole Kidman, and Daniel Craig. Rated PG.

There is so much that is right about The Golden Compass that it's worth forgiving the points where it goes south to revel in the parts that hit splendidly true north.

If you've read the first book in Philip Pullman's richly imaginative fantasy-novel series, you'll be able to fly with the lightning-paced opening bit. Otherwise, the setup may muddle you. Things begin at a parallel-world Oxford college. In this world, everyone has an accompanying, sometimes shape-shifting, bird or animal demon. Rendered with CGI, these demons are beguiling to behold.

The gist is that scientist Lord Asriel (a regal Daniel Craig) wants to head for the Arctic to investigate a magical particle called Dust that could unite their world with parallel ones. Not only are Magisterium evildoers plotting against this, but they seem connected to the Gobblers, who are responsible for the disappearance of some children. What? Never mind. Follow the story's young heroine.

Compass is a veritable who's who of casting, but its coup is Dakota Blue Richards as orphan Lyra Belacqua, Lord Asriel's wild-child niece who roams the college grounds with Gyptian ragamuffins. Richards is beautifully assured as the brave, quick-witted adventuress. Soon, Lyra is given an Alethiometer–the golden compass–which attracts the attention of the glitteringly dangerous Mrs. Coulter (Nicole Kidman, with perfect conviction). Freddie Highmore (Finding Neverland) voices Lyra's captivating demon, Pantalaimon, which is sometimes ermine, sometimes feline.

From here the story races into a grander adventure of witches, ice bears, and menacing tribespeople. The CGI effects are stunning, with darkly arctic landscapes, ice-bear combat, and an ambitious battle scene. Sam Elliott turns up as a wise explorer, and Ian McKellen voices Iorek Byrnison, an exiled ice bear. Eva Green is mysterious witch Serafina Pekkala. All are deftly appealing.

The trouble is, About a Boy director Chris Weitz (who adapted that book and this) hasn't instilled that pulse-pounding sense of suspense and magic. But all is in place–the masterful books, special effects, and marvellous cast–for someone to take book two and give it the exact golden touch.