Maybe it's because I saw this version after seeing the Katharine Hepburn and Winona Ryder versions, but I consider this version to be the least out of the 3. I don't know why. The girls seemed to be a tad to nice and cosy for my liking, and I just couldn't stand Jo's accent. And has already been said some of the ages of the characters seem to be completely out of line with the novel. In a related quibble I didn't like how they switched the ages of Amy and Beth around to make Beth the youngest - I guess this was done so they could get Elizabeth Taylor to play Amy seeing as how Beth dies. And I know it's probably typical of the times but the obvious use of studio sets for just about every single scene made the whole thing seem rather fake.
Overall though it is still an enjoyable film. However I'd recommend the above mentioned Katharine Hepburn and/or Winona Ryder versions over it.