If I watched it today, without having ever seen it before, I probably wouldn't enjoy it as much. I think a lot of people love it because it was one of those films that everyone watched when they were younger. I used to watch it every year. Haven't seen it in a while though so I may watch it some time this week.
It is worth watching if you've never seen it before, but I don't know if it'll have the same impact on you now. For me, it is one of those movies that takes me back to my childhood. And so it has a special place in my heart. lol.