After falling in love with Satoshi Kon's Paprika and Perfect Blue, I recently watched Tokyo Godfathers with no idea what it was about or the general reception of it.
The story is sweet and heart warming. There are points where events happen a little too conveniently and plot twists feel a little too coincidental to suspend disbelief, which at times can make the film feel cheesy. Though it is meant to be a comedy, I would have liked to see the humor taper off towards the emotional climaxes for more impact.
Additionally, I felt the portrayal of the crossdressing character a little insensitive and stereotypical at times -- often being the butt of jokes a little too often for comfort. But, I will leave that out of my rating as I do not know enough about that lifestyle to make a fair comment.
Anyway, however, the fantastically charming main cast, brilliant world building, and beautiful animation work still make watching this a film a treat. While I wouldn't recommend it to the average person as much as Kon's other works, I still found it fun to watch and aesthetically a masterpiece.