I never saw it at the theaters, even though I wanted to. I had to wait until the HBO premier. But to this day, I watch it all of the time. It's been on cable nonstopped since the late 80s...and I own the DVD since it came out.
The lack of colors, Prince Adam, Battlecat, Orko, magic always pissed me off. I didn't learn until mid-90s that "in the real world" was movie code for "no money" in the budget. But it's solid. We got Frank Langella and the always great Meg Foster killin their roles. Dolph did what he could. Beastman was dope.
Other than that, it's the typical take them out of their world, and bring them into ours fare. When I found out the sequel became Cyborg I was dying.