I can't claim this is a "good" movie, but I pretty much enjoy it without fail each year. It's certainly better than both of the sequels, but that's nothing new. Most of the mileage you'll potentially get out of this film will probably come down to how you feel about somewhat vintage Tim Allen. His incredulity at becoming St. Nick carries enough of the movie for me to compensate for the stuff that's eye-rolling.
Yes, yes, it helps to have grown up watching this film to really feel the undying love for it now, and it's hard to know what someone coming to it for the first time as an adult would make of it, but c'mon...it's still funny, still exciting, still occasionally hokey, and still makes one regret never finding that trap-laden pirate cave you were sure was somewhere in your own neighborhood. Just me?