Overall, the whole thing was better the second time around - maybe because we weren't sitting up so close or maybe because I was able to pick up on more now that I knew what was going on.
The acting seemed better. The four leads were cast to relatively unknown actors, and I believe it showed. It could be that they are still young (in relative terms) and I have yet to see a very good "child" actor. Tilda Swinton did a wonderful job as the White Witch. I loved her "fire and ice" type look as it evolved throughout. I will still argue though that the best acting was done by Aslan (voiced by Liam Neeson) - I don't know about anyone else, but I could listen to that man talk all day long - he's got such a majestic yet calming voice that was absolutely perfect for this part.
The special effects and make-up were wonderful. I absolutely loved all the creatures that were brought to life on the screen - especially the phoenix, gryffins, and centaurs. The talking animals were amazing - Maugrim and the fox were my favorites - and I loved the voice-acting. It was so wonderful to see realistic animals instead of people running around in animal suits. After Lord of the Rings I believe the WETA Workshop is up to any challenge. I was a little disappointed in the battle sequences, but I couldn't expect a whole lot, if any, blood and guts seeing as it's a PG movie.
The soundtrack was the only part I found lacking. It was definitely nothing compared to the work done by John Williams (Harry Potter I-III, Star Wars I-VI, Legend of Zorro) and Hans Zimmer (Black Hawk Down, King Arhur, Pirates of the Caribbean), or even Danny Elfman (Sleepy Hollow, Corpse Bride, Batman). There didn't seem to be the grand scope that such a movie required - some parts which were in need of louder, more soaring music didn't have it, and parts that needed little, if any music, had grand pieces.