In common with many films from that era, it has a gorgeous, sumptuous look about it, but the storyline is so implausibly idiotic that I can't imagine even naive audiences of the 1920's (when it was first made as a silent film) buying the premise. Still, it was remade several times over the decades, up to and including the present era, and the premise...silly as it might have been...obviously resonates with people on some basic level.
This version benefits greatly from the cast. Stewart Granger is the lead, and he's handsome, likeable, and athletic. Louis Calhern conveys an avuncular authority. Deborah Kerr is both sexy and vulnerable. And...last but not least...James Mason is as slimy and repulsive as ever.
Generally speaking, the action breezes along (although there were points where I found my eyelids getting heavy). There's a climactic swordfight that I never found convincing, but enjoyed nonetheless.
If for nothing else, it can be viewed as a prime example of the kind of romantic Hollywood escapism that appealed to audiences of past generations.