Overall, cute but I'd wait for the DVD.
There was a lot that was fun about this movie, mostly involving the typical Clousseau goofiness and physical comedy. This time around, Clousseau gets just a tiny bit deeper, but not like, Lord of the Rings deep or even Get Smart deep, Pink Panther deep.
Andy Garcia is one of the best parts of this movie, which also features a guest appearance by Lily Tomlin.
It's not going to win any Oscars or give you material to talk about with your friends for the next several days, but it IS cute & kid-friendly.