I saw this with live orchestral accompaniment at the local high school. We cheered and booed the dashing hero and dastardly villain and had a fantastic time. They were amazingly professional and should take this on tour at old theaters with orchestra pits. Go ArMack! If your local symphony orchestra does this as a silent movie show, the movie is good enough to enjoy even if the music isn't as great as ours was.
This is definitely the sort of thing that inspired The Princess Bride, one of my all-time favorites. Lots of swashbuckling adventure, romance, and humor. The plot worked a lot better than most movies I see (or don't bother seeing) these days, and it was very well paced. I was surprised how few dialog cards they needed to use, too.
I thought the color looked kind of washed out, but maybe that was the computer projector they were using. I'd love to see a 35-mm print on a big screen.
If you're looking for a movie to perform live accompaniment with, this is an excellent choice.