As anyone who may have stumbled across my blog when the last installment of the Harry Potter film franchise came out may know I am a Harry Potter fan. I will, however, try to approach my comments on this film as objectively as possible, but my impression is certainly informed by the books.

There is no humorous interaction with Harry's "muggle" family, the Dursleys, to start off this movie. Instead, the audience becomes instantly aware that the stakes have changed. Aside from a blurred montage of flashbacks there is almost no exposition of the last six films to get new--or less invested--viewers up to speed. Harry, Ron, and Hermione are searching for horcruxes (pieces of evil Lord Voldemort's soul) that must be destroyed before Harry can take on Voldemort himself. The sixth film left off after Snape kills Dumbledore leaving the three kids with no guidance but a great deal of faith.
This film does not follow the formula of the other plot lines in the franchise. No slow build of impending danger amongst regular teenage challenges until Harry and crew have one dramatic ending burst of triumphant violence. Yes, this film is only half a book, which changes the flow of the whole story, but more than the split plot causes this digression from the other films. The kids are out in the real world. Everyone, including the government, is after Harry Potter. People are being killed each day as Harry flounders without direction. When Voldemort speaks to his followers he enters the room as a regular man--no more squeaking and flying--just utter fear from every Death Eater except for stone-faced Snape. It's very underplayed, which is very unsettling considering a teacher being suspended in a contorted position in mid-air.
The middle of the movie is slow. Lots of wandering in the woods. But this is neither poor plotting nor thoughtless editing. This is pure tension. Every minute is more hopeless and dangerous than the most, and the movie does not miss this. Better than the previous films, DH Part 1 smartly integrates comic relief. Rather than juvenile or awkward, the film--at last!--breaks the pressure of the film with sweet moments and physical humor. The comedy has a bigger payoff for HP fans who understand more than the movie's have time to show, but the tension is also more intense for these fans, so this is actually a nice balance.
As for the PG13 rating: I think it's appropriate. It's not gratuitous, but it is dark and frightening and very intense. Casual viewers of the film might notice the Nazi connection for the first time in this film--it's more prevalent in the books.
I think this is the best of the 7 films, but it does not stand on it's own. If the next film falls flat then this film will lose its luster. Without the lighthearted touches of quidditch matches and grand wizarding dances full of teenage angst and anticipation, this film relies on mood--color, emotion, and pacing. I believe it succeeds. It is visually rich, revisiting the visual motifs of the last few movies (the floating ink of Half-Blood Prince and the newspaper headlines of Order of the Phoenix). It builds on itself, but steps out on its on without that kind of visual thread. It doesn't need anything so contrived because the stakes are so much higher.
The ensemble cast works wonderfully. Whatever team made the decisions on casting Harry Potter and the Sorcerer's Stone should feel very proud of their work. The actors have grown to understand and well-represent the characters, especially in the light of the added burden of portraying written characters than many members of the audience have gotten to know over several thousand pages and years of their lives. HP7 sees the return of many characters we haven't seen in a while, but I am eager for a little more screen time for Neville, Ginny, and Hogwarts. This film steers wisely away from all the goings-on at the school, which, I imagine, will make a substantial appearance in the second half of this film. I can't wait until July for Part 2.