I never would have guessed that after first seeing Will Ferrell during his freshman year on Saturday Night Live that he would go on to be the anchor of that show, then retire and move on to a successful movie career. While it is a bit early to determine whether or not his film career will be one for the ages (Night at the Roxbury wasn't exactly a classic), he was an absolute scream in this year's Old School and is equally hilarious in Jon Favreau's destined-to-become-a-holiday classic Elf.

In the sweet-natured comedy, Ferrell plays a rather tall-human who winds up in the North Pole after a bit of a misadventure, and is raised in the North Pole by one of Santa's little helpers. As he grows into adulthood his non-elf identity becomes all too clear, so after a tearful goodbye he embarks upon a voyage of discovery to New York City to meet his biological father (James Caan), a business man who rarely has enough time to spend with his current family.

Yes, Elf is extremely simple. It's basically a fish out of water story (think Crocodile Dundee), meets a "what's the true meaning of Christmas" tale (think...well...think of nearly every Christmas movie you've ever seen), and I'll be damned if it doesn't work. It's wonderfully heartfelt magic.

Ferrell is beyond funny as the pure and childlike Buddy the Elf. This is a go-for-broke performance in which Ferrell delivers both physically and emotionally. As I watched this goofy, sweet natured funny man tickle the funny bone and warm the heart, I couldn't help but be reminded of Tom Hanks' similar turn in Big. His work here is that good. And while this is clearly Ferrell's show, he's assisted by a terrific supporting cast. Caan is perfect as Buddy's father, and watching Ferrell attempt to brighten up his life (the tickling scene is especially hilarious) was an absolute hoot. Bob Newhart plays the elf who raises Buddy as his own, and he delivers his dialogue in vintage Newhart deadpan fashion. Rounding out the terrific supporting cast is Mary Steenburgen as Caan's loving wife, Zooey Deschanel as the young woman of Buddy's affection, Peter Dinklage as a prima donna children's author and director Jon Favreau as a doctor. The only casting decision that raised my eyebrow a bit was Ed Asner as Santa Claus. I love Mr. Asner, but he isn't exactly what I think of when I think of the jolly good fellow in the red suit.

Favreau is a terrific talent. He's proven to be a great director (see the underrated Made) and an even better writer (Swingers is fantastic). With Elf you can see his pure love for film and television. He and screenwriter David Berenbaum have fashioned a holiday film that tqastefully pays homage to everything from Miracle on 34th Street to Rudolph. And while the film might have derivative moments, it rebounds with absolutely wicked humor (the bigfoot gag is classic). And like last month's School of Rock, this comedy is perfect for both children and adults. Elf manages to succeed where so many other potential holiday classics (see Santa Claus the Movie or Ron Howard's How the Grinch Stole Christmas) failed. It's consistently funny, very heartwarming, and evokes that holiday spirit we all hope to absorb while watching a movie of this nature.

Elf is also stunning to look at, particularly during the North Pole sequences which appear inspired by those classic Rankin and Bass holiday specials. The visual effects aren't half that bad either as we see a towering Ferrell, mingle with the tiny elves. And how cool is this? One of the supporting players is a stop motion animated snow man (ala Burl Ives from Rudolph the Red Nosed Reindeer), and he is voiced by stop motion animation pioneer Ray Harryhausen. It's nice to see Favreau give credit where credit is due.

Elf does falter a tad in it's final act, and the obvious Caan transformation from semi Scrooge to Christmas loving family man takes place too fast to be as plausible as it could have been. But then this particular transformation is such a common Christmas film device, that it probably would have been overkill had it gone any longer.

The bottom line is, Elf works. I sat through most of this movie with a great big grin on my face. Favreau has fashioned one of the best holiday movies I've seen in years. I laughed myself silly throughout this film, and in the end, I felt all warm and fuzzy inside. Will Ferrell is a genius. He will do anything for a laugh (this includes wearing tights for nearly the entire movie). His character Buddy won me over, and provided youÕre not a total Scrooge yourself, he'll win you over too.