As lame as this film is a lot of the time, it could have been a lot worse. It's a routine execution of a potentially interesting premise: a former hockey star stuck in the minor leagues is sentenced to be a tooth fairy after he is caught crushing kids' dreams.
Though I actually kind of enjoyed it, I have to say that for a film about encouraging imagination and dreaming, The Tooth Fairy is about as devoid of creativity as they come. The fairy court or whatever it's actually called, looks and runs exactly like it would on earth: just a bunch of plain desks in an office setting that was phoned in by the set designer and bathed in white light (so we know that angels and stuff live there). That said, the film has an awkward charm that almost makes you question who the real target audience is, from a cameo by Family Guy's Seth MacFarlane as a drug-dealer for angels and fairies, peddling pixie dust an the like (almost unforgivable missed opportunity: angeldust) to a series of Billy Crystal scenes where he plays a Q-like character for fairies, demonstrating James Bond-like gadgets for troublesome fairy situations. Every moment Billy Crystal is on the screen is weird and even a little creepy, but in the best way.