I have a measure of nostalgic liking for it, as I was very young when I first saw it.
To me, one of the best elements is the character voices. I mean, John Huston
is Gandalf.
Also, I may well be in the minority, but I have a soft spot for the music too. Glenn Yarbrough is
definitely an acquired taste, but the "Greatest Adventure" song at the beginning, overlaid by the scenes of a nervous Bilbo getting out of bed in the middle of the night to gaze at the moon, works very well.
The entire movie has a sense of innocence that I fear will be lacking in the Hollywood blockbuster to come.