The first time I saw it, I thought it was "pretty good." Amusing, but I didn't expect to find myself watching it again.
It's unpretentious. It doesn't have Big Ideas or profound themes that you have to watch it twice to get.
But it's got lovable characters and a kickin' plot, and I happen to have a huge crush on the 1930s. I love the friendship between Victoria and Toddy because it feels so genuine and it's rare to see a friendship (particularly between men and women) portrayed so well in movies. I love the romance between Victoria and King, because they're well-matched, but at the same time the problems in their relationship are so realistic. Fundamental inability to compromise? I think everyone knows what that's like.