The Wizard of Oz may be the most classic movie ever made, and it's hard not to love it. While it wasn't the first film to be based on the works of the Oz books, it's certainly the most memorable.
I loved all the characters, but my favorite of the heroes was the Tin Man. I actually got to play him during our middle school play of The Wizard of Oz.
I think one of the most magical parts of the film was the Emerald City. For a film in a time of less-than-special effects they really created visual magic.
I don't think anyone could ever top Margaret Hamilton as The Wicked Witch of the West. I guess in truth she wasn't terribly powerful, but her antagonistic voice and speeches made her quite the villain.
You can say a lot about The Wizard of Oz, but it certainly was a film that will survive the ages.