It's made in a very similar vain as 'Elf' from a few years ago, only from the opposite vantage point. Where in 'Elf' Will Ferrel was an elf in the real world, in 'Fred Claus' Fred is a regular guy (well, he's Santa's brother) at the North Pole. Flipped! It's weird though, because the first preview I saw for it had a scene of Santa at Fred's apartment, which made me believe that that was what the movie would be about. But that scene wasn't even in the movie. Oh well.
The movie was better than I expected it to be (given most modern Christmas movies - ie things with Tim Allen). In fact, I may like it better than 'Elf' (though, I haven't seen that in a while - I'll have to view it again and reflect). Vince Vaughn was pretty much playing the same part he always does (really fast talking, brash guy) but it really worked for this. Paul Giamatti was a really good Santa (throwing in HoHoHo's at unexpected yet appropriate times). The surprise of the movie? Well, its not really a surprise, he's just not in any previews I saw - the villain is KEVIN SPACEY! Yes! Lex Luther hates Christmas! The ending with him is really good/related to what I just said.
Which brings me to the ending. Basically they had a pretty clear cut ending. But, they then took that ending and twisted it and made it an incredibly touching ending. All because of Sinead O'Connor. Weird. Plus the big message of the movie is a good one. I like it.
Oh, and for one more highlight - towards the end, the meeting scene is brilliant. You'll understand.