You can like it or not - but nobody can deny its iconic status
Psycho really is one of those films that helped reshape cinema. There had never been a film quite like it before - although many were influenced by it. The much reported hype of the of the time wasn't exaggerated. My mum saw it in the cinema with a friend when it was first released. They were just expecting an efficient Hitchcock thriller. What they got scared the living daylights out of both of them. It's very easy to look at it today and say it's 'tame', 'mild', or even 'boring'. The first two can be valid observations when made by someone who's only ever known modern-day 'slasher' films. Times were different when Psycho was made. Audiences weren't desensitised to blood and violence in the way that they are today. When assessing Psycho you have to view it in the context of 1960. As for 'boring', Psycho is a film where watching it has to be a conscious act. You can't just have it on in the background (unless you've seen it countless times before); you need to pay attention.
The direction, lighting, camera-work, music, are all faultless. As for the featured performances, Anthony Perkins is perfect. The fact that he wasn't even nominated for an Oscar is baffling. Janet Leigh is excellent, as is Martin Balsam. However Vera Miles and John Gavin don't make as strong an impression, and for me the film flags when it's just the two of them onscreen. There's also the massive exposition dump near the end by the psychologist. To be fair Hitchcock himself hated that scene, feeling that the film stalled at that point. However, the studio insisted the whole thing be explained for any audience members having trouble grasping a subject matter that wasn't widely discussed back then; that being the case, it's difficult to see how else they could have done it. Arguments rage as to whether Psycho is a horror movie. And if it is, is it a 'slasher'? For me it's a psychological horror/proto-slasher, a forerunner. Compared to the 'slasher formula' it's short on body count, blood, and there's no 'final girl' (or even an analogue). It also generates more sympathy for the killer than slasher films do now; Norman Bates is a monster but it's hard not to feel sorry for what happened to make him that way. The film also has way more character development and shows more of the attempts to investigate and solve what happened (albeit not by the police) than slashers, which focus more on the relentless actions of the killer. But it was an early pioneer, one of those that helped pave the way for Halloween, Friday the 13th, etc. It still holds its own against newer, flashier, and bloodier rivals. Not bad for a film that's over 60 years old.