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They don't do them like they used to. This is one more movie from my childhood that I rewatched recently, and it just hits differently than modern movies. Don't get me wrong, there are definitely quite a few things that one can find to be "silly" or maybe even "naive", but I think they were made this way intentionally.
In fact, what I realized is that in the past practically everything on the screen seemed to be intentional. I recently criticized some TV show (or anime?) about adding too much details that were not doing anything for either story, the world or characters. Here every little detail seemed to have a meaning. It was not there just for the sake of "being there", it, at least, served the atmosphere and the mood.
Yes, even the amount of small details still left quite a few open question by the end of the movie. But even they do not feel pointless. We did not learn who really The Shadow was or proper rules of his powers (that seemed inconsistent in some moments), but the lack of explanation for those only worked for this "noir" atmosphere of the movie. I even thought, that it may be a good idea to film Spider-Man Noir in similar style: dark, but not too dark, some humor, some gangs, some chivalry... And some creepy music.
In the end, I think it's a must watch. It will not be for everyone, of course, but that's also part of what made movies of the past better than a lot of movies of the present: they did not try to attract everyone, they knew what they were, and who they were for.