This was Macaulay Culkin's first major flop, when he was finally un-cute enough that viewers noticed he couldn't act. Other than that, compared with other mindless, shallow, hopelessly far-fetched pseudo-adventures designed for either very small or very uncritical children, it's really not worse than one would expect. Well, the comic book on which it's based is not exactly Stan Lee either
From a pedagogical point of view, one must say that Richie takes control of his situation in the absence of his parents, makes decisions that are largely sensible and practical, and carries them out mostly without adult help. He combines emotional and rational qualities without violating his basic identity as a kid. To me, that's all good, and redeems the entertainment value of this movie for a young audience.