This is by far one of the classic Christmas movies. We have it in our DVD collection and watch it every year. It is funny with a great story behind it. It takes the toy craze that seems to come every Christmas ( i.e. Cabbage Patch dolls, Tickle Me Elmo, etc.) and makes a funny story of it. Arnold, Sinbad, James Belushi and Phil Hartman makes this a really great movie. Jake Lloyd can't act to save his life, but that is well known - especially after Phantom Menace.
The one thing to be aware of is the DVD versions that are out there. The original is the best with the original movie soundtrack. When it was released later on DVD again, they changed the music. They put "I'm dreaming of a White Christmas" in part of the movie when Arnold is running around looking for Turbo Man. It is not suited to the scene at all. It was originally Brian Setzer's "Jingle All the Way" which fit the scene perfectly. So, avoid the version with the modified soundtrack.
The one thing to be aware of is the DVD versions that are out there. The original is the best with the original movie soundtrack. When it was released later on DVD again, they changed the music. They put "I'm dreaming of a White Christmas" in part of the movie when Arnold is running around looking for Turbo Man. It is not suited to the scene at all. It was originally Brian Setzer's "Jingle All the Way" which fit the scene perfectly. So, avoid the version with the modified soundtrack.