It made $26 million opening weekend (Narnia got about 66 mil as a comparison). Not too good considering it was the only major release.
I found the film rather flat, the pacing was slow, and the acting was stiff (considering the talent involved, that was unforgivable).
The Magisterium types were laughably over the top, but at the same time, I'm at a loss to understand what is so bad about their teachings. Don't talk about the dust? That is the big law of the oppressive theocracy? It just doesn't seem like anything worth getting worked up about. Yeah yeah, they want to stop Lyra and her friends, get that last golden compass, and something to do with parallel words. Oh yeah, they kidnap children!
No motivation is given to why the witches are injecting themselves in the conflict to help free kidnapped kids. Nothing really about who they are, why they're in the story. Just a lame-o deus ex machina to help the climax of the film move along.
This is on the lower end of the epic genre, imo. Too bad, I was hoping to be pleasantly surprised when I saw it... but it sucked.