Alternative Character Interpretation: Were the Arab tribesmen proud warriors who were manipulated into exchanging Turkish masters for English ones? Or backwards, amoral thugs who were incapable of administering Damascus, much less a country of their own?
Is Allenby a callous, manipulative villain or a good but conflicted man "just following orders"? The finished film leaves it ambiguous; several deleted scenes point to the latter.
Lawrence himself - a good albeit eccentric man fighting for a just cause, or a Manipulative Bastard out for personal glory?
Award Snub: A tricky one. While winning almost all the major awards, it won none for acting, leaving Peter O'Toole (regarded as some of the best acting ever in film) empty handed. Of course, Gregory Peck won that year for To Kill a Mockingbird, so it was either giving it to the newcomer (O'Toole) doing (in hindsight) the role of his career, or the veteran doing the role of his career. Essentially, no matter who won, the other would have equally deserved it. What makes it Harsher in Hindsight is that this was very much a Tough Act to Follow for O'Toole: He holds the record (8 nominations) without ever winning an Academy Award.
Similarly, the heavily-acclaimed script lost in Best Adapted Screenplay (again, to Horton Foote for To Kill a Mockingbird). Without slighting Foote, the main reason appears to be co-writer Michael Wilson being denied credit by Sam Spiegel. His involvement, though unacknowledged by Columbia (and denied by credited screenwriter, Robert Bolt), was an open secret (and minor scandal) in Hollywood due to Wilson's former blacklist status.
Additionally, Omar Sharif was seen as the frontrunner to win Best Supporting Actor, even winning the Golden Globe that year. However, in a stunning upset, he lost out to Ed Begley for Sweet Bird of Youthnote Never heard of it? There's a reason why..
Big-Lipped Alligator Moment: The inexplicable Mr. Perkins, who praises Lawrence on a job well-done while only being shown from the waist-down (and is never seen or heard from again). Odd in and of itself, doubly so as Mood Whiplash during a very tense scene between Lawrence and Allenby.
When originally released, Lawrence was considered fairly progressive in making the Arabs not only sympathetic, but drawing fairly complex characters in Ali, Feisal and Auda. In contrast, modern reviewers often complain about alleged stereotyping due to the emphasis on Bedouin looting and political discord, and the casting of English Alec Guinness and Hispanic Anthony Quinn as Feisal and Auda.
Later audiences have come to appreciate the film for being one of the few big-budget films about a homosexual that refused to hide it with a female love interest. The intense friendship between Lawrence and Sheriff Ali (who is played by Omar Sharif, an Egyptian) is also rare for portraying them as true equals, and Sheriff Ali is a highly complex character who actually ends up becoming Lawrence's conscience and arguably the most heroic figure in the film.
Fridge Brilliance: Peter O'Toole was primarily a stage actor before this, and it shows. But think about the way in which Lawrence is trying to create a larger-than-life persona for himself, and suddenly his grandiose way of carrying himself makes perfect sense.
Also, Lawrence, Ali, and Auda when the three dine in Auda's tent. Lawrence in particular behaves flirtatiously when trying to convince Auda to join his side. Auda even tells them, "You trouble me like women!"
One-Scene Wonder: Jose Ferrer's scene-stealing cameo as a perverted Turkish general. Ferrer himself reportedly considered this his best film performance.
Strawman Has a Point: While Murray is caricatured as an unimaginative martinet he makes a reasonable point: why encourage an Arab uprising when the British plan to rule over them anyway?
Values Resonance: In the wake of the The Arab Spring and the Arab Winter, the film's criticism of imperialist meddling and fomenting uprisings for short-sighted political gains regardless of the feelings of the people on the ground, has made it timelier than ever. This is especially the case since many people cite the Sykes-Picot Agreement discussed in the film as one of the main causes for the crisis in Syria.