My 7-year old LOVED this place, so that alone makes it 5 stars. For me personally, I'd say 3…read morestars, when factoring in its easy location and not having to wait in lines.
So let's preface this with, my daughter corresponds with her "very own fairy" (aka. me--a very involved parent who also celebrates her half birthday, commits to elaborate elf on the shelf surprises for a prolonged period each year, is her Girl Scouts troop leader, etc.). She's been asking her fairy to take her to Neverland. The fairy responded "not yet", and instead supplied what my daughter referred to as "free" tickets" (online $20/pp, or $139/annual which includes an adult and 3 kids) to Fairyland the next day.
We took the Bart to 19th St Oakland from San Francisco, which was SUPER convenient (daughter loves the train, and I hate driving in traffic), thought a bit of a walk in the Oakland heat/humidity. Also the lake that it's located on, absolutely reeks of sewage--I don't understand how people purposely walk/jog along the edges; but at least you can't really smell it from Fairyland. Just walk on the upper sidewalk or across the street if you share in my disgust.
You'll get plenty of cute photos. The few rides they have (4 rides total) are very cute, had no lines on a summer weekday, and only accommodate heights between 36"-54" (except for the Jolly Trolley train which is all heights though adults need to watch their heads when squeezing in and out). The height restriction is very important to know before you go, to ensure your kid isn't disappointed.
Wear sunscreen. No mosquitoes, which I was concerned about given the standing lake water and humidity. There are outdoor sinks with soap and antibacterial to wash your hands periodically, which I appreciated. As expected, a high priced gift shop, though it's stocked primarily with smaller toys, so if you're roped into purchasing something it won't break the bank. The single restaurant counter is actually quite perfect! Imaginibbles serves super cute, kid friendly healthy food that is reasonably priced at ~$7/entree. Smaller portions, but in my opinion, perfect for a theme park. The reusable cup ($8, includes one refill) is color changing when cold, very sturdy for a plastic cup, and you can fill with strawberry, white peach or watermelon lemonade that isn't overly sweet. You are also allowed to bring your own food, and there were plenty of folks picnicking on the large grassy area.
Attractions are definitely old (paint missing throughout), and not cleaned well. Spiderwebs galore, particularly in areas that are meant to only be looked at, such as the Alice statue that you can see through a window in the Alice in Wonderland tunnel. A quick broom sweep would do wonders!
There are a number of cute smaller animals, like chickens, a bearded dragon, 2 donkeys, and a land tortoise. These areas conversely appear relatively well maintained, which is fantastic for both the animals and to keep smells minimal.
There is also a pressed wood town area with a slide where the kids can run around and climb into the different buildings, which seemed to be a favorite of many kids.
There is a long ~30min puppet show (daily ~11am, 2pm) that changes seasonally, and somehow manages to keep most kids' attention.
Magic key ($3) is an easy souvenir (colors change each day, so theoretically you can collect them), and used to hear music/stories through various boxes around the park. Though boxes are staticky (older), and some have bolts sticking out that prevent your key from being turned and thus the stories/music to play. My daughter quickly tired of them anyway, but she loves treasures like the "magic" key, so it was money well spent. There is also a hand-crank penny presser (51 cents) in the gift shop, so bring some change.
One disappointment of Fairyland, is that there are literally no "fairies" anywhere to be found. You'd think they might have a few tiny fairy houses situated out of reach, or even fairy lights in trees to simulate fairies.
Overall, fun filled and worth the ticket price. Just be sure your kid is in the height range for rides!