I think it has some terrific sequences: the ride across the mist to the castle; Arthur being knighted in the moat; the breaking and re-making of Excalibur; the whole of Perceval's Grail quest; Lancelot's return to the final battle; and the final resolution of Excalibur with Wagner playing in the background.Yeah, I HAD to make my wife watch it, she's never seen any US or British/European movies made before the early 90's. She had a pretty hard time following the plot, since she's got no background with Arthur stories, but she thought it was pretty exciting. She really liked Merlin too, which is of course quite far from the story line of L'Morte, but she just liked the dragon a lot. That one really had some good writing though. The plot was fun.
I always have this film in mind when GMing Prince Valiant, and when playing my holy knight in Burning Wheel.