This is a great popcorn movie - swashbuckling, mythic, and a little quaint by today's effects standards. The effects, acting, and visual style all work together well, though. It can't be compared to today's movies any more than Charlie Chaplain can.
Once you allow yourself into its mood, it's great entertainment. Treasure is captured, danger is faced, and other-wordly foes are defeated. Keep it around for a rainy saturday, and make sure you have popcorn.