There are some major problems with it. Of course, I might just being pedantic.
1. Isn't it kind of a deus ex machina that the house managed to land on the wicked witch of the east, but not squash her slippers, and be undamaged? And not to mention it doesn't hurt any munchkins.
2. If Glinda could magically transfer the ruby slippers from the wicked witch of the east's feet to Dorothy's, did she magically transfer the witch's wallet from the witch's pocket to her own? (Not really an error there, but an interesting prospect...)
3. Very shortly after her journey has started, she meets three people, and they're headed for the Emerald city to find a heart (for the tin man) a brain (for the scarecrow) and some courage (for the lion). But I'm assuming the scarecrow and the tin man know that the lion had both heart and brain, so why continue on a silly quest with an easily-scared lion?
4. Why doesn't the tin man take his hatchet with him? I'm assuming he could use a weapon?
5. Where are you going to find lions, tigers and bears in the same forest?
6. Monkeys are much lighter than humans. How could they carry Dorothy?
7. If the witch can be dissolved by water, does that mean she never took a bath? Or a shower? The Winkies must have been horrified by the stench.
I think I am being a little too pedantic. But I had to vent it on something.