I think it's a bit overrated. I've heard a lot of praise for this movie, how outstanding it is, almost ahead of its time, and perhaps it would have been better, if I did not hear any of that.
It's not a bad movie, that's for sure, the story as a whole is good, even though most pieces, if looked at alone, would end up being quite silly. On the other hand that "silliness" plays into the "fairy tale"-like vibe of the movie. I certainly appreciated care to some minor details and certain "practical" things, that I do miss in most of modern movies.
But is it a movie of a lifetime? No. Maybe it looked much better at the time of release, maybe it was more "contextual" then, but right now - not really. I also think that it's quite underdeveloped in terms of its characters, but possibly because of time constraints. While watching I was reminded of "The 10th Kingdom", which was a definite "fairy tale" and it was amazing, but it was shot much later (2000), and it was a TV series, so it's obviously not a fair comparison.
"The Princess Bride" felt was fine for 1 evening for me, but it did not find a place in my heart. Perhaps, if I saw it as a kid, things would have been different.
