It's definitely not the best version which, in my opinion, is the one with Maureen O'Hara and Natalie Wood. That being said, it's not awful. If I had never seen the first one, I might have enjoyed this more. I keep wanting to compare it to the original but that's not fair. For a 45 minute version, give it a go. Try to appreciate it for its own efforts.
Review of The Miracle on 34th Street
