The treasure chest is completely non-functional and doesn't open but everything else is great,
The hat does not fit my 3 year olds head.  He has a big head for a boy his age.  There is an adjustable plastic strap inside to make the hat smaller, but not larger as the hat is hard plastic.  If you have a 2-3 year old with an average to later sized head, this probably won't fit.  For the price, however, this set is a steal!