Hook is a classic plain and simple.
It ain't perfect, not by a long shot, but I've always greatly enjoyed it. It's probably the biggest "nostalgia movie" for me; it was the first movie I can remember seeing and it made a giant impact on me, which continues to this day. But I think that was the point, it was made for kids and sometimes kids are the only ones who can get it. One of the Beard's most underrated.
The score by John Williams is a complete masterpiece, by the way.
It's not my favorite Spielberg film, but I think it's OK. I remember seeing this one in the theater with my dad back in '91, and I particularly remember it because we went back and saw Star Trek VI later that day, and we both thought it was kinda weird when we heard the exact same line in both movies ("Second star to the right and straight on till morning"). t:
I do think that Hoffman and Hoskins really take the cake on this one, though. Those are easily my favorite scenes in the movie.