Because my 11 year old is pretty open-minded, I've taken her on adventure of watching b/w movies, just as my mom did for me. She actually enjoyed some of the old-time "horror" movies and loves the "Twilight Zone".
I also introduced her to what would be considered "art house" movies. She didn't really like "The Bicycle Thief" but I did, and this movie was recommended by Blockbuster. So I put it in my queue- and it was not a mistake. OK, so some of the acting is stilted and unprofessional and sometimes the movie feels longer than 75-80 minutes (depending on which version you view).
But, whether you're a big or little brother or sister, you can definitely relate. Even my child, who's my only child, can relate because she has younger cousins. I agree with many of the posters that the children act like children and act like how they would act in that situation. If you're blessed to get the DVD with the commentary, it evens add to your viewing pleasure.
What most gratified me was when my daughter, who has gone to almost every kiddy-themed entertainment center, said about several of the rides that they looked fun! This movie about Coney Island helped me visualize what my mother always talked about Riverdale, a Chicago area amusement park from the 40's and brought back memories of Funtown, Old Chicago, and Santa's Village, the local amusement parks of my day from the 70's.