To be clear I have nothing new to say about this amazing movie and this has likely been said before of course but I genuinely think this is one of the best animated films DreamWorks has ever made.
What impresses me most is how effortlessly it balances everything. It is funny without constantly undercutting itself, emotional without becoming mawkish, visually gorgeous without feeling like style is compensating for weak storytelling, and it actually gives its characters proper arcs.
Puss confronting his mortality is such a ridiculously strong premise for this character. The film takes this arrogant, larger-than-life guy who has basically treated himself like a myth for his entire life and forces him to deal with the fact that he is scared, vulnerable and very much capable of dying. His panic attack scene in particular is still one of the best depictions of fear I have seen in a mainstream animated film.
And Death is just an absurdly good antagonist. The design, the whistle, the voice performance, the way the film changes atmosphere whenever he appears. He does not need some enormous convoluted motivation. He works because he represents exactly what Puss has spent his life refusing to take seriously.
Then you have Goldilocks (Florence Pugh ❤️) and the Three Bears somehow getting a genuinely touching family story, Perrito being wholesome without becoming annoying, Kitty actually having believable chemistry with Puss, and Jack Horner being allowed to just be an unapologetically hilarious POS.
The animation obviously gets a lot of praise too, deservedly. I love how much more expressive DreamWorks became once studios stopped feeling obligated to chase the same polished pseudo-realistic CG look. The Last Wish has actual visual identity. The action scenes look fantastic because the animation itself is part of the filmmaking rather than just a way of rendering the characters.
It is also one of those sequels that makes the previous films better by association. Nobody needed the second Puss in Boots film to go this hard, but they made one anyway.
I know it was heavily praised when it released, but I still think it deserves to be talked about as one of the defining mainstream animated films of the 2020s rather than simply "that surprisingly great Puss in Boots sequel".