I know it's a cliché, but the book is
so much better.
Really, for fantasy, the books (it's a trilogy, which explains the open ending) explore a lot of quite deep and profound philosophical and spiritual concepts and ideas, as well as touching on the fields of physics and science in an original way, apart from being a really comfortable read. I was actually pretty impressed when I read them.
What annoyed me mildly about the film is that while in the books, there is a definite negative criticism towards organised religion, Christianity in particular (although it's subtle), you don't get much of that in the movie. I guess the filmmakers watered that aspect down a bit for the easily offended churchgoing masses in the US. Of course, you can never expect that all of a book's content can be completely translated into film, but still, this plays quite large role in the books.
When viewed as a book for children/ young adults, I really like how the writer tries to teach kids how to think for themselves, always keep an open mind, stay curious and never stop looking for new knowledge to develop yourself. Another moral is how there is no definitive 'good' or 'evil'; everything is a bit of both, everything has it's own complex motivation for doing what it does. (not surprising too, considering the entire story is in part a retelling of John Milton's epic poem 'Paradise Lost', which deals with the biblical Lucifer's fall from heaven, but told with Lucifer as the protagonist)
All in all, definitely a story that I'll read to my kids, if I ever have any.
(Apart from all this, the whole setting is so entertaining... armored bears, spirit animals that are a part of your soul, Siberian tribes, dimension-hopping...
For those things the film worked quite good.)
Oh, by the way, the trilogy is called 'His Dark Materials' , with 'The Golden Compass' (British title: 'Northern Lights') as the first book, 'The Subtle Knife' as the second and 'The Amber Spyglass' as the third. The author is an Englishman named Philip Pullman .