Yes, I would say that Pixar has done it again, and I imagine pretty much everybody else will say the same as well (as I write this it's got a 100% "Fresh" rating at Rotten Tomatoes), but there is sure to be a variation or two on that, which I'll get to presently. I've got a few bullet points that I hope will not be without interest.
* Director Lee Unkrich here steps back a bit from the overt Miyazaki influence that was so splendidly evidenced in last year's Up; although the opening sequence does have a little nod to one of the action set pieces of Laputa: Castle In The Sky, which is nice. Said opening sequence is also a nice nod to the sheer mindless fun of pretending-to-blow-stuff up without benefit of any consideration for good taste or conscience, e.g., it actually manages to make a mushroom cloud kind of cute. And gives that rendition a context that makes it entirely excusable. Very clever.
* There's tear-jerking—as My Lovely Wife and I can both testify, there's oodles and oodles of tearjerking. And the fact that we cried pretty much the same amount at the same exact scenes was kind of like us renewing our vows, after a fashion. And we weren't the only ones (crying that is, not renewing vows, although who knows); a friend who we saw in the house prior to the screening sent me a Facebook message this morning saying "Sorry I couldn't say hi after the screening last night...I was too embarrassed, trying to hide the mascara running down my face." So. Be warned. But beyond tear-jerking, there's also trauma, and a good deal of it. One almost thinks they sat down and looked at the burning of the forest in Bambi or the Pleasure Island stuff in Pinocchio and said, "Okay, how do we go beyond this?" And then when they mix the trauma and the tear-jerking, as when the noble toys we've come to know and love bond in reaction to what appears to be a literal apocalypse...oh, man. It's emotionally exhausting. Expect some concern troll, or twenty, to put up some stupid "Is Toy Story 3 Too Intense For Children?" piece up at the Huffington Post in 10, 9, 8, 7, 6...
* I have to say, this picture had way more balls and conviction about presenting and dispensing with its villain than Cyrus did. (Yeah, yeah, I know; part of the point of Cyrus is that the villain wasn't really a villain. And the question here isn't "where have you heard that before," but "where haven't you heard that before.")
* We saw it in IMAX 3D, which worked pretty nicely, except for some parallax issues relative to seating angle that I think have to do with the sheer size of the screen. (I hasten to add that we saw in in real IMAX, that is, in the super-humungous-screen format.) As with Up, the 3D effects were not particularly overdone, although this film's characters and its milieus do give the filmmakers some opportunities to use some more obvious tricks aesthetic-guilt-free, and those opportunities were fully, and more often than not delightfully, exploited.
* The movie ends with a nice little treatise on how play both stimulates the imagination and one's moral sense, which is very sweet and very smart and extremely moving.
Great movie. You should definitely see it.