I think a lot has to do with the fact it featured Ray Harryhausen's last feature film work. For older sci-fi/fantasy aficionados, he was the standard by which other stop motion animators were judged. I remember seeing it in the theaters as 12 yo and thought it was great. I've watched it since and appreciate it for what it is, a decent movie that was the swan song of one of the greats (Harryhausen).
I concur with the good doctor...the film is all about Ray's fantastic work he did.
The film as a piece of entertainment still works for me, I recently watched it and had a good time.
Who knows about the remake, I will see it just because of my interest in all things Greek mythology, but the special effects make it visually to perhaps fall in line with the Mummy, Van Helsing, etc...but we will see.