I think just about everything else about The Lion King is great: the animation, the characters, the plot, the constant shifts from drama to comedy. Also, lions and hyenas = two of the most badass animal species out there.
The soundtrack, however — that is extremely overrated in my opinion. To this day, I still hear "Circle of Life" and "Can You Feel the Love Tonight" everywhere I go, and I always thought those songs were blander than bland. And "Hakuna Matata" always made me cringe for some reason. I think TV Tropes is right on the money, calling it an Award Bait Soundtrack. Most other Disney movies with big, swoopy power ballad soundtracks are usually decent to inoffensive; I can't think of a Disney-based pop song that I particularly like, but the ones from The Lion King are among the few that I can barely stand listening to.