This is a tough one. 
 On the one hand, I really enjoyed reading this book, and I loved its interesting take on the Peter Pan universe, particularly how it got all the little things in there (the clock and crocodile, Hook/Pan rivalry, jealous Tinker Bell causing trouble for Wendy, etc). 
 On the other, some of the characterization was infuriating. I HATED how Andersen portrayed Smee. All of his character traits were literally stripped down to "he's a psycho who wants to strangle girls who appeal to him". Oh, and that HE gets killed off instead of Hook. Who, I might add, kind of gave up too easily. His assuming Peter was dead and that Tiger Lily hadn't double crossed him was naive for a ruthless pirate. 
 Tiger Lily herself was likable, and I enjoyed both her relationship with Pine Sap and Peter, as well as Tinker Bell, but she wasn't really THE Tiger Lily from Peter Pan. The author's insistence on making her a "Beautiful Ugly" tomboy to contrast Wendy was sort of weird considering I'm pretty sure Tiger Lily IS in fact beautiful in the original and Wendy WAS threatened by her relationship with Peter, at least mildly. If nothing else, she was WHOLLY aware Tiger Lily wanted to be "something other than a mother" to Peter in Barrie's novel.... Here she was too confident. 
 Excessive confidence aside, I really don't see why so many readers seem to dislike Wendy in this. She really DOESN'T so anything THAT bratty or remotely out of character. She is sugary sweet at times has little "Oh I'm a helpless little girl, and you're so smart Peter," moments, but considering the book is told from TINKER BELL'S point of view, WHAT DO YOU EXPECT? She's not likely to gush about Wendy's positive traits... I personally found it very easy to read through the lines and see a LOT of Barrie's Wendy in Anderson's version of her! I especially love the part where she mentions wanting a wolf pup to Tiger Lily (major callback to the J.M. Barrie novel, YAY!). 
 There were moments I preferred Wendy to Tiger Lily in this, truth be told. 
 Also, I kind of related better to the native girl from Tiger Lily's tribe who was raped by Giant (the bloke Tiger Lily was supposed to marry) than Tiger Lily herself. And even though it was sweet Tiger Lily ended up with Pine Sap, I felt the other girl deserved him more... 
 The best characterizations in this book were Wendy, Peter, and the lost boys, and we only get to see them all together at the NEAR END of the novel! 
 Oh, and I wanted to say that Andersen could have done SOOOOOOOOOO much better showing how the Englanders tried to "change" the culture of the natives and how tragic it truly was. Yes, it was sad, but having one transgender guy kill himself because the Englander cut his hair and took his dresses away didn't have enough impact. This is simply because it effected almost no one beyond the main character herself who was RAISED by said guy... We needed something that really ruined the culture to give it a more powerful punch. 
 Still, I'd read the book again, and I'd probably buy it if the chance came up. So it has earned its four stars. 
 I also think it would make an excellent movie.