I watched Ponyo last night, the newest film directed by Hayao Miyazaki. I adore his films and this one was no exception, although it definitely wasn't one of his better films, I think. It's gorgeous and adorable, and the animation is superb, but the story is more for kid and some of the voice acting in the dub is very weak. (mostly the two main characters Ponyo and Sosuke)
It's very reminiscient of My Neighbor Totoro, and they're both very light-hearted films. The similarities are numerous - they're both about young children, one of the main characters is a very excitable little girl, the children live with a single parent during the movie, they live in a very rural area, and they both involve the children meeting and interacting with magical creatures. The main difference between the two movies is that Ponyo is more immense, involving the entire fate of the world resting in the hands of a five year old boy, and many more characters know about the supernatural creatures.