Halloween is undeniably great, particularly considering its genre and the fun sub-genre it helped spawn. With my second viewing (and first in over 5 years), however, it turned out as more of a good film when I was hoping for a great one. It's got a considerably amount going for it, and still holds the crown for being the only slasher that's ever actually scared me, but I found that you really can't ask much from it in the way of a story.
If Michael wasn't such a pop culture icon, I doubt Halloween would be quite as satisfying in retrospect seeing as the two most important characters, Loomis and Myers, have the least amount of development. Loomis' scant story is vague and where he hints that the antagonist has intentions beyond simply acting out of pure evil, the alleged intentions are never fleshed out to allow us to understand why he's so intent on killing Laurie and her friends (remember it isn't until part 2 that we learn of his connection to Laurie). All that and a bit of repetition (albeit unnerving repetition) aside, though, it's a solid flick. Great atmosphere thanks mostly in part to the killer music that is notorious for a reason, possibly the most believable (despite being unkillable) villain a slasher film has churned out and a few good laughs work together to make Halloween a true must-see for any film buff.