Though I quite like the mother goat's song at the start and end (with its rhythm almost certainly inspired by Brubeck's "Take Five"), I much prefer the excellent 1957 adaptation of the same story that tells it in the traditional way. I also prefer Aristov's films that he made both before this (his collaborations with Hodatayeva such as "The Brave Fawn") and after this (e.g. "The Tree Frog"). I'm not really sure that this one is his "most appreciated"; it's definitely not the one that won the most awards.
Compared to 1957, all of the characters are less appealing except possibly the wolf. The goat-mother here is portrayed as a hapless worry-wart who tries to prevent her kids from having fun but is powerless to do so (she even tells them to not play inside the house while she's gone, the opposite of the goat-mother from 1957, and they wink to themselves as she says this). Her melody, I think, is meant to be "needlessly complicated".
While the goat kids in 1957 have many positive qualities, the ones here have kind of an ugly design to them, act kind of bratty, and the melody of their signature song is not very appealing but rather simple (I think). This also makes the wolf's decision to join their song not that believable to me, because their song is just not that good. And also, as far as I can tell, the wolf is still ravenously hungry at the end of the film. He's still gotta eat at some point, and nobody's given him anything except a flower for that concert. And yet the film acts like everything is resolved. So the "moral", such as it is, is actually a dangerous one.
So, overall, it's not a favourite of mine, though I do like some things about it.