Yes, I believe it deserves all the 8, 9, and 10 votes it has gotten.

Rating: Null/10 (1 June 2002)

First let me say I have not read any Harry Potter books, and I think that is an advantage to enjoying these Harry Potter films. Second, let me say I am a Christian and a grandfather, and I found the witchcraft not one bit troubling. It's a movie, after all, and in the end "love" is the main quality Harry Potter is credited with.
Even though the film is almost 2 1/2 hours long, it never seems too long. Perhaps that's because each step in the development of the characters is so interesting. The various stars are just perfect for their roles. I especially enjoyed Emma Watson as the precocious Hermoine. She is a good young actress and I enjoy her typically British facial contortions when making certain word sounds.
For the young, or simply young at heart, the various depictions of "magic" are so much fun to watch. Hermoine read her assignments, memorized useful spells, and was always ready when the need arose. The broom flying lessons on the playground. The selection of the perfect magic wand in the wand store. Catching the train to Hogwarts on platform 9 3/4. All highly entertaining. I can understand why the Harry Potter books are so popular, the author has a great imagination.
When the film finally got around to action and excitement during its latter stages, it had a "Raiders of the Lost Ark" feel to it, falling in a pit of wiggly things, making narrow escapes. And the one character that at first seemed meek, mild and handicapped, later turned out to be a villian, had a "Usual Suspects" feel to it. Just part of film evolution, every good thing influences things that come later.
The DVD picture is remarkably sharp and colors realistic. The 5.1 surround sound and John Williams score complements the film very well. For collectors of good movies, a fine DVD to own. I'm happy that I have my own! :-)