This movie was remade (poorly) in the 1970s, and Peter Jackson did a decent job with his version more recently, but nothing compares to the original. King Kong was a success from its first series of showings, where it sold-out ten shows a day for four days. It didn't get any Oscars, though...unfortunately for Kong the visual effects category didn't exist yet in 1933.
But still, a fantastic story about a huge ape on an island with dinosaurs and giant snakes, with a beauty and the beast motif snuggled inside it, that's what movies are all about, in my opinion. I love films that wrap many different elements together and present a visual spectacle driven by a compelling story.
I've never seen the original King Kong on a big screen. I wonder if that would enhance the experience or call out some of the technical disadvantages of the early days of film? I don't think I'll ever know, but if I do get the chance to see Kong in full 70-mm glory, I know I'll take it.