I love this movie! Its one of my favourites! The cast is so young in this movie and the story is great. I have read the books and it was great transfer from book to movie. If you have not read the books you should before you see the movie.
The only parts iffy for kids are the end, where Harry fights voldemort, and I personally think that when Hagrid is telling Harry about Voldemort the flashback is little scary. Atleast it was when I was younger. Harry Potter and the Sorcerers Stone is a total must see. I was 11yrs old while I was watching this movie, I grew up this guys.