I read the entire series as a kid and re-read it just before seeing the movie and I think it failed because it remained true to the book. The story it is based on is pretty boring too.
What most people get out of the books that make them so great is the heroism of the kids, and that was not portrayed well in the movie at all. I hope they don't make any of the other books, they are almost all rehashed bible stories anyway.
The Magician's Nephew=Genesis
The Voyage of the Dawn Treader=story of Elijah (the ending at least)
The Last Battle=Revelations
and I forget what the others reminded me of.