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Rating: 10/10 (6 October 2004)

This film is most definitely worth watching.
It starts with Chihiro traveling to her new house. Her dad loses his way and they end up in an abandoned theme park, which is actually the spirit world. Her parents are turned into pigs and Chihiro has to get work at the nearby bathhouse to survive, and later save her parents from becoming bacon. She makes a lot of friends on the way, as well as a few enemies here and there.
[WARNING: MAJOR SPOILERS BELOW] all the way until it says "no more" - badly paraphrased.
After you watch the US version, make it a point to watch the original Japanese version. Let me tell you now that some of the dialogue is different (and in a lot of places, better). I don't understand why Disney wanted to add Chihiro saying, "Haku...he's a dragon?" It spoils the effect later.
Also, Disney added some dialogue when the two of them are walking through the garden. Silence between them both is very much more effective than unwanted lines.
And why on earth did Disney make Chihiro say, "I'm going to look for Haku" instead of, "I'm going to see Kamaji"? Because in the US version, all she does is go on the balcony to their room. It doesn't make sense, especially since she cares a lot about Haku.
Plus, the voice of Haku (in the Japanese version) is a lot more bearable to listen to than Jason Marsden (US version).
However, the US version is good in some ways, especially when Chihiro says, "I knew you were good!" when she and Haku are free falling in the sky (towards the end). And Daveigh Chase is great as Chihiro, as well as the voice of Yubaba, Lin and Kamaji.
So, I suggest you see the US version (to get the story properly in your head) and then watch the Japanese version.
[END HUGE SPOILERS]
The music is also great - get the soundtrack! The animation is wonderful with no obvious bits of CGI standing out. And you can connect to the characters very easily.
10/10, or more!