I've had
The Complete Tales & Poems of Winnie-the-Pooh on my shelf for years and years and years. I pulled it out to use as a read-aloud for The Boy toward the end of this year, and we had a...different...experience with it than I would have expected.
Your kids have probably seen the old
Winnie the Pooh movies. (The Boy hadn't. We watched them afterward.) If they have, let them know right off that some of the stories are different from the movies. Some parts of the movies were lifted right out of the books, though, so that's fun.
Here's where our experience wasn't what I expected--some parts of the stories were hard for The Boy to follow. I thought (based on the movies) that they'd be easier, but they're written as though A.A. Milne were sitting right there telling them to you, so sentences go on and on forever (like this one), and he sometimes uses words that I had to stop and explain because of their British-ness, and sometimes he uses silly words that he probably got from Christopher Robin (the real one), and I'm done with this sentence now, but that's how large parts of the stories read.
Which is fine. And I expected The Boy to lose interest--but he didn't. There's something about
Winnie-the-Pooh that kids love, even when they're not sure what the heck Rabbit is talking about. And I enjoyed reading them, because the characters are just so stinkin' sweet.
So we read all the way through both
Winnie-the-Pooh and
The House at Pooh Corner. I'm not saying that you would have to, of course. We read some of the poems, too, but we were pretty tired of the book by then--it has about a bajillion pages.
So, overall, I'd recommend it as a read-aloud. And, whether your kids like the stories or not, have them watch the old Winnie-the-Pooh movies. I've never met a little kid that didn't like them.