CWM, if it would help to look at it more as an exercise in critical thinking than anything else, let me share my story:
I bought Dumbo on VHS years ago (before kids!) when I saw it was out. I was excited as I remembered having seen it as a child and hadn't seen it in a long time. I remembered Dumbo flying through the circus tent and little scenes here and there. I was, quite frankly, somewhat disappointed after I looked at it through my "adult critical lens vision." The roustabouts, the violent separation of Dumbo and his mother, the alcoholic clowns, the jive-talking crows. What a disappointment; this was not the movie I remembered!
My kids did watch it once or twice when they were toddlers, but I noticed that DS1 was greatly disturbed by the scenes with Dumbo's mother and the chains. And of course, *I* was greatly disturbed by the scene spoken of above, when Dumbo is taken to visit her and the lullaby. I made the decision to put it away. I don't care if I liked it when a child, it disturbs me now, and so I've put it away until they are older. I didn't throw it away because if they see it at a friend's or have questions about it, I want to be able to answer them and show it to them if need be to clear it up. The rousty-roundabouts and stereotypic crows are merely the icing on the cake for me there.
If it were like Bambi, where the disturbing part is there, and then over, it might pass my radar, but sadly, I found there was just too much to explain and worry that they were getting desensitized to with repeated watching. Pity, because both DS are train fanatics and they loved that train part at the beginning. But we found other train movies to satisfy that love.
I'm not calling you bad for watching it, I'm just saying one needs to realize that there are valid concerns with it. Heck, there are valid concerns about nearly everything that's on TV; it's a matter of weighing in on the amounts and types of exposure we allow for our children. I have similar concerns about many newer movies; the stereotypes are there, though they are different. To me, the key is to try to view everything through that critical lens; if it passes that test, then I can feel good about experiencing that part of childhood again through *their* eyes.