Nope... it's still pants...
You've noted the main problem - they rush through the entire story with nary a breath. It's just simply not a great movie and unfortunately ended up being another nail in the coffin of Disney's 2D animation unit.
Don't get me wrong - great design work, nice animation if some dodgy use of CGI. But it makes even Sinbad look good. Actually, Sinbad wasn't all that bad - if only for Pfeiffer's characters beautiful animation! But Atlantis coupled with Treasure Planet did not a good combination make.