For some reason I just didn't like it at all and felt embarrassed about how bad it was since I bought it and watched it with my family. All of us hated it with a passion. It's a nice enough kids' movie, maybe in the year it came out. However, think about it: an outdated kids' movie? What's the point? Kids do not generally like to watch such old movies anyway, and I don't see what adults are supposed to get out of this movie at all.
Some kids' movies (like Mary Poppins or Wizard of Oz) can be enjoyed even now, but Time Bandits is totally outdated. For your reference, and I think applicable in this case, I also did not like Dr Strangelove or Spinal Tap at all. So, if you disagree with me on those similarly outdated movies, you might like Time Bandits.
There is also a horrible case of overacting as I recall from the 'bad guys'. Think of the two stupid 'bad pirates' in the Pirates of the C. movies, except in Time Bandits they are not even remotely funny.
Anyway, I warned you, that's all I can do. People that rate this movie high must have liked it from many years ago. If you have not seen it before, then don't bother watching it now.