This is an outstanding family movie, with themes of loyalty, friendship, trust, and caring. One of the most purely magical scenes in the history of film is when Elliott's bicycle lifts off up into the sky.
The new effects might not be to your liking, but the strength of the filmmaking, the power of the story and the wonder of E.T. should be more than enough to warmly remind you of the last time an honest film about childhood innocence was made.
What's intact is the film's powerful yet unmushy message of friendship, unconditional love, helping those in need... geez, what doesn't this film have that an impressionable kid couldn't stand to hear?