Hey jaerdaph!
You crazy!?
I own the dvd and I will still watch it on tv tonight.
Its not exactly Lord of the Rings but its an entertaining 'made for television' type movie. Its got the fantastic Nim the Rogue, the gorgeous Lux the Barbarian, actual spells, actual D&D monsters, magic items in use, a cleric actually turning undead, a dungeon with proper tricks and traps, a host of D&D-isms and bags of charm.
What it doesn't have is universally great acting amongst the leads (though the guy playing the Rogue is great), Damodar is (unfortunately) back*, the fight choreography is a tad dodgy. Considering the budget - the effects are pretty good.
*Klexx the Malign should have been the main villain...and I would have preferred the Dragon God to have an energy draining breath weapon (animating the victims as zombies) rather than fiery breath.