I've never read Peter Pan, so my experience with this story is limited to the Disney cartoon version. That being said, I liked this version of the story. I think I may have gotten more out of this version had I read Peter Pan first, but it's not necessary.
Tinker Bell is the narrator and you learn a lot more about Tiger Lily's life and what things were like before the Englanders came to Neverland. I thought the characters were well written and I liked that Tiger Lily was a strong female character, even though she's in love with Peter. Overall, this is a creative re-imagining of Peter Pan from Tinker Bell and Tiger Lily's point of view.