The most initially underrated film of all time How well I remember attending this movie on the first day of its initial release, loving it, and being shocked that critics savaged it. Yes, not just disliked, but hated this movie. Not every critic, mind you--there is Roger Ebert, after all--but just take a look at The New York Times. That's one of the more positive original reviews (and it's an outright pan itself). My suspicion is that critics just couldn't get their heads around the fact that Bob Clark, director of the loathed "Porky's," could create a work as wonderful as this one. Clark, in fact, has two masterpieces to his credit, this movie and "Black Christmas," the scariest slasher movie of them all. Both have "Christmas" in the title, and both represent the top of their genres--nostalgia in "Story" and horror in "Black." Clark had talent--and here is evidence as clear as a Christmas bell.
Oh, and let's not forget the great Jean Shepherd, Darren McGavin, Melida Dillon, and Peter Billingsley. What a great writer/narrator/cast!