My family & myself loved this movie. We saw it opening night (12/11) and this past Monday evening. It definitely sits in my top-5 all time favorite Disney films. As one of the pp's mentioned, it is rather unsettling how such a film with positive reviews & feedback could tank like it is box-office wise. I think the main reason for the failure is that people don't trust Disney traditional animation after Treasure Planet, and Home on the Range. I'll even admit to being skeptical of P&F when I first saw the previews. But when word got out that this new film was nothing like Disney's animated abominations of the early to mid years of this decade, we gave it a try. Certainly glad we did.
Once the public realizes that P&F has a feel and storyline comparable to early 90's hits such as Mermaid, Aladdin, Beauty & the Beast, etc, then it will start to do better.
And then there is the final and most obvious reason...the economy. More families with children are spending less. Going out to the movies with a family of four can break you. The DVD sales of P&F might do great...but a night at the movies carries a pricetag which may be distracting families.
But regardless, this is a classic Disney film and to those who sit it out...your loss. Disney is back!