Read the book first.

Rating: 7/10 (18 July 2002)

To put it bluntly, the film doesn't do the book justice.

That's certainly not the fault of the actors involved, all of whom do a good job - or, in the case of the perfectly cast Alan Rickman and Robbie Coltrane in particular, an excellent job. Other acting heavyweights like Maggie Smith and Richard Harris bring necessary wisdom and presence to their roles, while obviously having fun playing the characters. Ian Hart makes a wonderful Quirrell. Daniel Radcliffe is well-cast in the title role, and it will be interesting to see how he develops the character in future movies. In general, the cast is well chosen and works well together.
It's a pity that Chris "Home Alone" Columbus was chosen to direct, and not someone like Terry Gilliam, Jean-Pierre Jeunet and Marc Caro, or Tim Burton... all much more imaginative directors, who could fully bring the wonder of the novel to life onscreen. To be fair, as another viewer commented, Columbus restrains himself from the outlandish slapstick for which he's known.
The problem with turning a book into a movie is that things like character development often suffer, as is the case here. Without the benefit of getting into Harry's head as we do on the written page, the story seems less gripping.
While certainly not unwatchable or even bad, it's definitely missing some... well, some of the magic of the book (sorry) as well as a lot of its wit. The performances and the visual effects make up for a bit of that, leading to a rating of 7/10.