This film might make a lot more sense if you're familiar with Russian folklore, but I think that would take some of the fun out of it. In the English dub, at least, the various events of the film are given little explanation (Ivan's argument with the house-on-feet, for instance,) leaving the viewer in a state of mixed bewilderment and amusement.
That said, the film is still very fun to watch, and viewers unconcerned about the whys of the plot, (kids, for example,) should enjoy it. The English dub is actually pretty well-done, and though a couple of the voice actors tend to go into melodramatic overdrive (Ivan as a bear is a hoot to listen to,) all the characters speak their lines pretty well. The effects seem a little cheap at times (the essentially-immobile tree monsters, for example,) but overall the film looks quite nice, and some of the sets are impressive for a kid's film from 1964 (Jack Frost's house looks pretty nice, especially inside.) So in conclusion, while the movie may be a bit incoherent at times, it'd be a good choice to sit down and watch with the kids.
That said, the film is still very fun to watch, and viewers unconcerned about the whys of the plot, (kids, for example,) should enjoy it. The English dub is actually pretty well-done, and though a couple of the voice actors tend to go into melodramatic overdrive (Ivan as a bear is a hoot to listen to,) all the characters speak their lines pretty well. The effects seem a little cheap at times (the essentially-immobile tree monsters, for example,) but overall the film looks quite nice, and some of the sets are impressive for a kid's film from 1964 (Jack Frost's house looks pretty nice, especially inside.) So in conclusion, while the movie may be a bit incoherent at times, it'd be a good choice to sit down and watch with the kids.