I agree that it's overrated. I first saw it in the late '80s when it was finally released on home video (I was 13 or 14 at the time), and I was underwhelmed to say the least, especially considered how big of a cultural icon it had become. I was in second-grade when it was released, and it was huge. Everyone was talking about it and there were E.T. stickers, books, lunchboxes, toys, T-shirts, breakfast cereal, and various other forms of merchandise, everywhere. There was even the infamous E.T. Atari 2600 game.
I found it to be rather boring, especially the overly long scenes when E.T. and Elliot were in custody undergoing medical treatment.
I watched it again last night, this time on a big projector screen with a good sound system (as opposed to VHS and a 19" TV with the tinny built-in mono speaker), and that made it better, but it's still not a very good movie. There were some things I liked about it though that didn't matter to me in the late '80s:
1. Nostalgia. In the late '80s it was still the '80s, so there was nothing for me to be nostalgic about.
2. The score is good.
3. Some of the shots are awesome. I especially like the shots of the house and the shed at night with the moon partially covered by clouds, and light pouring out of the shed.
4. The BMXs. When I first watched it I had a BMX and so did practically every other kid in town, so seeing '80s BMXs in a movie wasn't something I really paid attention to, because they were so commonplace at the time. 30+ years later; I hardly ever see anyone on a BMX, and when I do, it's not one that looks anything like an '80s BMX.
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