Subjectively speaking, I'm always going to like The Jungle Book more than this, but I'd say they're about on the same level of quality for me.
The music is a vast improvement over anything from Snow White or Peter Pan (except the first song with Ariel, that one wasn't that good), the voice acting is a lot better and certainly much less fucking annoying, and I felt the direction improved quite a bit too.
Story's a bit cliche, granted, and it's still not a directorial tour de force or anything, but hey, I can't pretend it wasn't a hell of a lot less boring than some of Disney's earlier stuff.
And it was nice that they didn't take the piss out of Native Americans this time around as well.
However, it's the next Disney film I plan on watching that will probably never be beaten in my eyes...