Dreamworks' computer-animated comedy Shrek opens nationwide today, and early reactions to the film have studio chief Jeffrey Katzenberg anxiously awaiting what he hopes will be an animated blockbuster.  'People have their seatbelts fastened,' he told Reuters this week. 'They are gripping the chair, white-knuckled, praying that maybe this is the one that going to do it.'  While at Disney, Katzenberg presided over the biggest animated blockbuster of all time, The Lion King ($770 million worldwide box office).   The critics are certainly lining up in the Shrekster's corner, with the Internet site 'Rotten Tomatoes' giving the film an 88% rating with 21 out of 24 reviews very favorable to the new film.  Critical esteem by itself is no guarantee of box office success, but when it comes to animated films, the kind of reviews that Shrek is getting should encourage parents to accompany their kids to the theater.  And Dreamworks has certainly done all it can to make Shrek a hit with teens and young adults as well.  There are plenty of jokes that the little tykes won't get, and Shrek has big stars including Mike Myers, Cameron Diaz, Eddie Murphy, and John Lithgow doing the voice acting, plus a rockin' sound track (including SmashMouth's 'All Star') in place of the typical Disney treacle.

After one embarrassing gaffe (see 'Mouse Takes On Shrek'), the Disney studio has been very low key in its response to Shrek, which has tons of fun satirizing a host of Disney characters and even includes an unmistakable shot at Disneyland and its kitschy anthem, 'It's a Small World.'   The folks at Disney have wisely decided not to provide Shrek with any more publicity by attacking the film.  Shrek gets to have it both ways--it rips fairy tales and the magic kingdom, but also provides audiences with pleasant fairy tale ending and even a 'moral lesson' of sorts.

Shrek merchandise includes trading cards from Dart Flipcards of Canada, and a swamp full of elaborate toys and figures from McFarlane Toys.  The playsets and figures that McFarlane has created are extremely detailed and true to the spirit and the look of the film.  While Shrek won't reach the lofty heights of The Lion King in box office or merchandise sales, it will certainly do much better than McFarlane Toys' last major movie project, the ill-fated Little Nicky.