Maggie making Peter a homemade parachute called a hug so he won't have to be scared when flying.
Along with Tear Jerker, when Peter remembers his past. How Tinker Bell brought him to Neverland; how he visited Wendy's house in the spring until she had grown too old. Finally, there is remembering why he chose to stay and grow up: he wanted to be a father.
Peter going through the Lost Boys' old hideout.
Peter passing his sword and the title of "The Pan" down to Thudbutt.
The pixie dust works with happy thoughts. Peter's happy thought that allowed him to fly again: Jack's birth.
Immediately afterward, Peter rockets out of the old hideout, now magically in his old Peter Pan duds, with full memory of how to maneuver his flight.
Peter sees a statue of himself and Tinkerbell and this exchange occurs.
Peter Banning: Tink! Tinkerbell: Say it, Peter. Say it and mean it. Peter Banning: I believe in fairies. Tinkerbell: You know that place between asleep and awake? That place where you still remember dreaming? ... That's where I'll always love you... Peter Pan. That's where I'll be waiting.
Pockets, the little Lost Boy recognizing the now-adult Peter Pan by smoothing out his wrinkles. Which led to a few other Lost Boys to be on his side. Taken on its own, the scene triggers an "Aww, how cute" reaction. With Maestro John Williams adding his magic, however...DAMN.
Oh, there you are, Peter!
Moreover, the Lost Boys first recognize Peter by making him smile.
It almost borders on being a tearjerker, as aside from Tink, Pockets is the first person in Neverland who shows Peter sympathy and kindness after what has been an absolute hell for the man since his arrival, with nearly everyone out to mock him or worse, kill him since he showed up. Look closely and you'll see how relieved Peter is to have finally found people willing to help him.
What helps sell it, alongside John William's excellent soundtrack, is that so many of the Lost Boys, who are clearly watching with interest, see what Pockets has to say about this old man in front of them. Sure, they shuffled over to Rufio's end of the line, because that's honestly what most kids do; side with the clear leader. However, Pockets' actions give them enough pause to realize that, despite their previous (very blunt) efforts to welcome Peter back failing, there's still something there, and they want to see it pan out. The moment Pockets gives his immortal line, the lot of the (named in credits) Lost Boys immediately flock to Peter, to test and look and see for themselves. It's as heartwarming as it is saddening; they've been waiting for so long for the Pan to return, and this is it? But if it IS, they HAVE to make sure themselves.
Just after they cross, Rufio takes a step forward before stopping himself. In a moment that softens someone who otherwise acts like a complete jerk until Peter becomes Pan again, you can see he wants to believe his old friend has returned.
Later, the entire Lost Boys cheer that "PAN'S BACK" when he remembers and can fly again.
The mermaids believe he's Peter Pan and kiss him.
Very possible and if true they don't even blink at Peter's change. If not so it's very sweet of them to give breath to a complete stranger.
Especially since the mermaids in the books (which this film is drawn from) are rather vicious creatures.
Before the film even gets to Neverland, there's the dedication of the hospital wing. Peter stammers over expressing gratitude to Wendy for her kindness and love. When he suggests the children she's helped could express it better, they all begin rising to blow her kisses and bow in respect. After a few seconds, the entire crowd is giving Wendy a standing ovation.
When Rufio surrenders his sword and alpha status to Peter, he appears solemn and perhaps even a little sad about it. But when he stands up, the enormous smile on his face shows he's every bit as thrilled at Pan's return as the other Lost Boys.
Rufio: You can fly! You can fight! And you can -
Peter: *crows, then bows to Rufio*
Rufio: *bows back*
The moment where Hook's plan to turn Peter's children against him crumbles to dust, and years of anger are forgiven, with one simple line:
Jack: Dad? I want to go home.
Peter still remembering Rufio even though Neverland is supposed to make you forget the dead.
Peter: You killed Rufio, you kidnapped my children, you deserve to die.
Young Wendy's joy upon seeing Peter return the first time.
It's taken eighty years, but Wendy finally gets an answer to "Boy, why are you crying?". The answer? "A tear for every happy thought."
The whole sequence of Peter coming back for Wendy for a new adventure to Neverland. Despite the Lost Boys have the creed of adults being pirates, Peter still maintained his friendship with Wendy even as she aged.
Another concerning Wendy. She instantly knows to ask the above question when Peter replies to her second "Hello, Boy" with "Hello, Wendy Lady."
Tootles, finally, receiving his happy thoughts from the marbles. Everything about this scene. Everything. All of it.
Tinkerbell doing everything in her power to help Peter become Peter Pan again so he can rescue his kids, considering how jealous she was of Wendy before.
A disguised Peter sees Jack play baseball this time, and sees him win.
Every single scene with Wendy and Peter. All of them. You will have feelings.
It's been eighty years, but Wendy is still in touch with Neverland. Initially, she just stumbles when Hook blows open the window to the room she's in, but it knocks her for six so badly that she can't even stand up; apparently she's so disoriented that it takes both Moira and Peter to help her into the house! And, at the thought of Hook being back, she does what any rational person would do. Faints.
It may have been all part of a scheme to destroy Peter, but darned if scenes featuring Hook interacting with Jack didn't tug at the heartstrings. The bloodthirsty pirate king seems to take genuine joy in indulging Jack, encouraging his behavior and accomplishments, and exulting in his triumph at the ball game. For a short period, James Hook is a far better father to Jack than Peter has been, and he seems to actually enjoy his faux role, in spite of his true nature.
"You DID IT, son!"
Peter suddenly seeing all the food on the dinner table after he mimes throwing some in Rufio's face. The Lost Boys are overjoyed that he's getting into the 'game.'
Thudbutt: You're playing with us, Peter!
Wendy and Maggie reading Peter and Wendy up in the nursery, especially when you consider that they only met each other in person that day. Yet Maggie is already very close with her great-grandmother and Wendy is clearly very fond of both of her great-grandchildren.
Moira's utter joy to be back in the home of her childhood. Especially her line - "Some of those things I was when I was young have never left me."
Behind the scenes:
Raushan Hammond, the actor who played Thud Butt, revealed in an interview that the scene where Peter hands him the sword was improvised. The only people who knew who would get the Pan sword were Robin Williams and Steven Spielberg. Hammond's gasp of awe and beaming smile were completely genuine.
After one particularly lengthy and grueling scene was cut, Bob Hoskins bought beer for about three hundred extras.
After the news of Robin Williams's death, the tributes his co-stars from this film wrote were truly beautiful:
Thomas Tulak, who played the youngest Lost Boy, says he was so overcome with emotion he hid in his room and cried for days. But he received so many messages from people he didn't even know offering support and condolences.