This film brings back a lot of great Christmas memories. Yes, the special effects are dated and the costumes a bit cheesy (it's from the 60's, for Pete's sake, give it a rest!). However, the music is actually good and is still worth listening to (anyone who thinks the music is sappy, perky, etc. probably didn't particularly like any of it in the first place).
I also think it would be great if this particular film could be redone with better special effects/costumes/etc. However, I wouldn't change the music (arrangements) as it really fits the overall mood and message.
I have to admit that looking at it again in later years (I've had a copy of the VHS tape for a long time) there are a few elements about the film that were rather morbid (like the child visiting his parents after his death to get his box and they had no idea that he had actually died).
I suppose everyone has their own take on the film. For me, the overall message and appeal is still there and has made it a Christmas staple for me; it's one of the elements that gets me "in the Christmas spirit". Time seems to go backward and, for a little while, I can remember what it was like to be a child.
For me, "The Littlest Angel" will always be a classic.