Just finished seeing the movie. First impressions is that it was pretty good, much better than Cars 2 and Brave which had me coming out of the theater feeling I wasted my time.
But, unfortunately it was really the ties to the original Monsters Inc. that made the movie for me. Monsters University just felt lacking, it wasn't as funny or clever, and the emotional core of the story was incredibly weak in compared to the original and other Pixar flicks.
It's good for Monsters Inc. fans, but coming out funnily enough I really wanted to watch the original because I enjoyed that much more. Overall, another movie that was decent but just not up to Pixar's old standards, and it makes me very disappointed seeing how far they have fallen.
Last movie of theirs that I really enjoyed was Toy Story 3, and I feel like that was the last movie to keep me engaged and care about it's characters. Something needs to be done at that studio to get them back on the right track whether it is better management or talent, because last year's Wreck-It Ralph was able to engage me in it's world and characters more than any recent Pixar movie.
Also the Blue Umbrella short aside from nice visuals, was pretty lame. Felt like a very poor version of Paperman in terms of it's "plot", in fact it felt like a direct copy in many ways.