I didn't watch the Golden Compass, but for me Neverending Story was the movie I've revisited after many years which made me wonder about the suspension of disbelief in children. Besides I read something about mind remembering mostly good things from the past. Something about self defense mechanisms or other stuff.
Well one could say that bad movie adaptations of books are made because book is so much 'deeper' medium where reader/user creates his own little world. These are similar, but not the same considering how carefully one reads, how deep is his knowledge or just imagination etc. While movies are vision of one man/woman (or a small group of them) forced upon people. And that of course brews dissatisfaction. Also technical limitations.
So while I can understand why great books are hard to adapt there is also aspect of 'cashing in', using the popularity of to create flow of money... although that kind of thing happens mainly when people try to make movie from a game or other way around. So that's that.