There are plenty of good arguments for not allowing copyrights to extend near-indefinitely; way down the list is the possibility that more works falling into the public domain will lessen the number of adaptations of King Arthur, Tarzan, and Peter Pan that seem to pop up onto movie screens with regularity. The latter, in particular, seem to entice plenty of big-name directors into performing a re-interpretation.
Rather than improving over the years, recent attempts are more blatant than ever about expanding the story of Peter Pan at the expense of Wendy; they make Peter into an unequivocal lead, as if redressing the wrongs of Wendy sharing the spotlight in the original text.
Spielberg does manage some moments of his trademark virtuosity in the midst of one of his weakest films. Admittedly, Hook is probably the major Peter Pan reimagining that comes closest to fulfilling its goals. While Wright's 2015 prequel, Pan, does arguably fulfill its goals on a story level, the major discernible purpose behind the film is to kick-start a series of expensive and profitable fantasy films set in Neverland, something it emphatically does not do.
Pan is so lavishly, foolishly overblown that, like the similarly overstuffed Hook, its hubris becomes oddly likable. What is it about Peter Pan that inspires directors to go so big? Even the new Wendy, while made for a fraction of the cost of either Hook or Pan, is basically the indie version of a massive boondoggle-ready production.
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