Neverland is a prequel to the original Peter Pan, explaining exactly where Peter and the Lost Boys came from, why they stayed in Neverland, the origin of Captain Hook, and so on. As such, it's both breaking new ground and, unlike Tin Man and Alice, hewing much closer to the original source material. It is an attempt to give us an origin which would lead up to the original Peter Pan.
I won't spoil the story, because it's worth saving. Suffice it to say that it gives us a Captain Hook who is both achingly sympathetic and a raging villain worthy of the role, a Peter Pan who has a very good reason to never grow up and an excellent reason to have a fine group of young lads with him, an excellent connection to the "real world" that explains how we end up with pirates and stereotypical Indians and the other elements of the original story, and even an amusing attempt to connect science and magic (the latter not terribly convincing but few such attempts are).
I don't think Neverland quite reaches the powerful epic proportions of Tin Man, but it's superior to Alice -- which is not to insult Alice; it, too, did not do a disservice to its source material, it just wasn't quite as good. An excellent effort, and the more glaringly so because of the other usual output of the SyFy/SciFi channel.
I have to wonder what that particular team has left to DO. The theme they've been playing is a fairly strong, yet limited one -- public-domain children's stories with a world-crossover feature and strong elements of the fantastic/bizarre. Are there any such left to do?
In any case, this was an excellent show and we'll be getting a copy of it once it comes out.