Jon Voight is brilliant in Midnight Cowboy, but Hoffman's performance, though reminiscent of his later turn in Rainman, is the kind of performance that keeps me watching movies. As a portrayal of a New York character, only Daniel Day Lewis' portrayal of Bill Butcher in Gangs of New York comes to mind as comparable, and Day doesn't give his character the emotional depth that Hoffman gives Ratso.
It's typical of Hoffman's way of acting that the actor we tend to identify most with Midnight Cowboy is Voight. I think Hoffman is one of the 4 or 5 best actors in the history of film at playing off the people around him in such a way that he raises their performances far above their normal levels.
Voight's Buck is so naive that he would float out of the film altogether, except that Ratso pulls him down - pulls him down, but also teaches him, a lot about how to survive and, more importantly, how to live.
Midnight Cowboy is a movie about escape that turns into a movie about finding yourself. I think that, as gritty a movie as it is, it has a very beautiful message, that no matter how much a loser you might be (Ratso clearly defines "loser"), if you can find a way to be true to yourself, you are in possession of the secret of life, and you might even be able to share that insight with someone else.
I can't help but compare Midnight Cowboy to Klute, from a few years later, which I think is more like a movie about finding yourself that turns into a movie about escape.

This Lifetime style movie takes the middle aged divorcee victim who then finally fights back genre to new depths of cartoon-like absurdity.
Here the 40 something stay-at-home ex-wife of a successful lawyer protagonist (daughter away at college) is starting a new life after her divorce, helped by a female college friend in opening a new dress shop as a sort of franchise expansion deal. She has even started up a friendship with her attractive, slightly younger perhaps, landscape architect / gardener (who's black). But then horror of middle-aged women's horrors, ANOTHER 20 something female she took on as a tenant to let a room to, starts 'taking over" her life.
What this new younger woman threat really does is mildly flirt with the gardener, and offer him a glass of wine that * gasp * really belonged to the divorcee!! She runs up the utility bills by not turning down the thermostat!! And backed up the toilet! And leaves old food gone bad in the refrigerator! And hangs her pieces of (African) artwork in the living room!! And so on. Well she may have killed the cat as well. Yeah, ok, the extent to which this one does these things is bad enough, but its more than a little ridiculous, especially as it turns into a campaign. The character reality is that any tiny part of this would drive this particular prissy woman insane. (So why did she rent the room -- and to horror of horrors, a much younger woman?)
Supposedly this increasingly arrogant (natch) younger woman has a mania for seizing control. And our brave 40 something must learn to fight back against this evil (and erotically hot looking, of course) 20 something. But there's this problem. Anytime the 20 something starts to maybe get into trouble she uses her POWER -- and just flirts or has sex with some guy, and escapes the consequences. (Well, there actually is something to that capability of good looking 20 somethings. It just isn't * generally * used in quite this sort of way.)
The premise is moved along by the device of the 20 something conning the divorcee into formalizing their room rental deal with a written lease produced by her. Of course the 40 something doesn't know about these things, and the 20 something has had help. The lease actually gives the younger woman equal right to the whole house during the rental period, with utilities thrown in at the fixed price. Even though an eviction proceeding is soon pending, the 20 something soon gets a temporary restraining order against the older woman, supposedly because she has been threatening the 20 something. You know, the judge is sympathetic to all the woe-is-me of the sexy sweet young thing. Finally the 40 something's "heroic" battle back for THE HOUSE then begins. Woopie!!
The only realistic or perceptive thing in this movie is how horrificly easy TRO's (or orders of protection) are for women to get on nothing more than her unsubstantiated say so -- although they are generally only this easy against men. They are sometimes just as unjustified and just as motivated to seize control of a home as it is here. Indeed, girlfriends who have moved in with their boyfriends can often get them evicted from their own homes or condos on the basis of no proof whatsoever, but only an unsubstantiated claim of threats, and sometimes without even hearing his side. Even when there is a hearing, it is routinely impossible to rebut claims of threats (to prove a negative), when the burden of proof is effectively on the accused, rather than the accuser. (This is one of the only areas of American law where that is true -- and it's a signal outrage of feminist overreaching, and the failure of any organized group to resist the steamroller.) Of course that's not likely to be the subject of any Lifetime movie in this lifetime.
The absurd basic premise of this movie relies upon the explanation that the 20 something is psychotic, and isn't taking her medicine. Even so it makes no sense. She isn't after the successful lawyer ex-husband, though she does con his help (to the ex wife's fury) in her quest. She's after THE HOUSE (technically, to drive the divorcee out of it during the period of the lease). This second younger woman is after ALL THAT'S LEFT after the divorce, after affairs with other 20 somethings STOLE her husband!! (The ex-husband seems unattached and basically solicitous after his fling -- doesn't matter, he still strayed!!!)
The protagonist is good enough looking for her age. But her outlook, attitude and focus is so small minded, frumpy and utterly without imagination or life force that it's impossible to care about her. Well, a core group of Lifetime fans care, I guess, judging by the average score the small number of raters gave it. (I kept watching it only because it was so extremely bad and cartoonish that it had a camp appeal. I couldn't resist seeing just how far they'd take it.)
** Spoiler ** (if such a thing is possible with this flick).
Well, here's a clue. The movie ends with the 20 something getting bailed out of jail by promising to "listen to" her 20 something male co-worker and sometimes lover, and "do whatever he says" and "let him take care of her" (he means get her to keep taking her medicine) -- and then tricking him and returning to THE HOUSE. There she climbs the stairs with a knife, demonicly stalking her nemesis 40 something, who is taking a bath by candlelight, secure in the thought that the younger woman is out of her life. There's a struggle -- and the 40 something mom wins -- by sticking the 20 something with a hypodermic needle full of anti-psychotic medicine she had found. She then begins stroking her, mom like, and the two women have a bonding, female solidarity moment!!! How sweet.