Spoilers, dont read if you haven't finished.
Creepy clown toy ruined it for me. It wasn't that he was so scary, it's just making a toy pure evil that rips the heart out of the main character! It's too unsettling for a kids movie. It's like Lady Ellaine of Mr Rogers, the creep factor is different from the 'scary' factor.
That clown danced with the doll one time and then becomes completely OBSESSED with her! Hunting everywhere for her and ripping the fluff and shit out of the poor toy who tried to help him find her. That is the creepiest behavior.