I think there are two types of people in the world -- those who get Bill Murray and those who don't. For those of us who intrinsically get him, he simply has no peer when it comes to pulling off the kinds of comedic characters that he portrays. It's not so much about what he does, but who he is and how he presents the character that matters. As the head camp counselor "Tripper", Murray is funny but he is also so much more than funny: He gives the movie it's heart and humanity, without which, it would be nothing more than a series of sophomoric pranks. In my opinion, that is why this movie works when all of the others in the series are deplorable.
To be sure, this is one of the definitive "summer camp" movies of all time; just as Caddyshack is one of the greatest golf movies ever made. But for those who somehow just don't get Murray, there is little that can be said that will convince them to like either movie. Even with as much commercial success as he has had, I believe his comic genius is still way underrated. I have given this movie four stars because I reserve five star ratings exclussively for movies which I believe are exceptional, and because the transfer of this movie to DVD should have been handled with greater care. Otherwise, it's a solid movie with plenty of laughs and some tender moments as well.