Much better than its reputation
Actually, this is not a bad film at all. I can think of countless modern Disney films that are far, far, far worse.
Even though the ending was badly mangled by editing (read about that story, which is scarier than the film itself), it's still a piece of gorgeous animation, with some of the most splendidly dark scenes in any Disney film this side of Fantasia.
The princess was very appealing, the hero was quite sympathetic, flawed but virtuous. The scenes of him wielding his sword have real power, given how much the viewer knows he's longed for this opportunity. And visually, that's one of the best magic-sword effects I've ever seen.
Sure, the Tolkien influence was rather blatant -- almost a LOTR rip-off -- but that's the fault of the author of the source material, not Disney. And yes, the quasi-Smeagol character was annoying.
But really, this is an enjoyable and involving movie, one that creates a world in which it is a pleasure to immerse oneself for a while.
I rate it quite satisfying.
And if it's ever given a proper re-edit with the removed scenes restored, it will rate even higher.