But yes, it was roundly panned when it came out. One, the Lost Boys update into a bunch of skateboarding mini-X games athletes was pretty stupid, and an obvious marketing ploy to little kids. Secondly, it's amazing there was still a set left after all of the scenery Robin Williams chews in the movie. And finally, this was the first stage of the Julia Roberts backlash. She had been a fairly acclaimed actress for her early work like Mystic Pizza, but the explosion of Pretty Woman made her safe to beat up like a pinata among critics who resented her success. She's not the most dynamic of actresses, but what "movie star" is?
Most importantly, it didn't feel like a classic Spielberg film. The guy made ET, and Hook, a movie I do like, is no ET. No movie could live up to the expectations really.
But let me say that Dustin Hoffman totally owns this movie.