I actually never watched the movie until about a decade later when my girlfriend introduced me to the series. I read the book later on, but this was probably my least favorite of the films. Though they didn't cut much out of the book for the film version.
I actually thought the car scene was more impressive when it came in to save Harry and Ron from the big spider.
It also was the point where the series matured a little. Harry learned how to duel, his first battle with Draco Malfoy is really tame compared to their bathroom battle in the Half-Blood Prince.
Oh Gilderoy Lockhart you lying goober. Famous this and famous that, can't believe he lasted a good year without being outed.
I really liked the memory scenes of Tom Riddle's past. Dumbledore's still an old dude in the early 40's...
My girlfriend spoiled that he was really Voldemort's past memory. I guess that was pretty shocking...
I gotta admit, Harry survived unrealistically well for a 2nd year against a dinosaur-sized snake. Yet he couldn't do anything against Nagini in his last year.
I love the scene where Dobby was "freed" from the Malfoy family. Except they do a bad job explaining the wizard-house elf loyalty thing.
But they're all good films, and the books kept getting better.