I watched it recently with my kids and they loved it.
The movie certainly has its flaws (Siskel & Ebert trashed it in their review), but I loved this when I was a kid and I must have seen hundreds of times on VHS. I eventually grew out of it and lost interest in it
So when I was put in charge of finding something to watch on family movie night, I thought of this one. I still knew the movie by heart even though I hadn't seen it in 30 years. While there are corny and cringe parts, I think it is a lot of fun. And the music is also really stirring.
I'm not sure if I would watch this movie again on my own, but my 6 year old son wants to watch it over and over again.