This film's version of Doctor Doom in particular is regarded as superior, if only because he looks more like the character than the later film versions and seems to have more of his loveable Large Ham persona.
Narm: The whole movie is full of it due to the low budget and cheap special effects.
Mrs. Storm's way of giving a Title Drop, while awkward, is also very sweet.
Mrs. Storm: Look at you, the Fantastic Four!
For that matter, the whole film is considered an example by many viewers, especially after the release of the 2015 film.
So Bad, It's Good: Horrendously corny on an Ed Wood level, but the terrible effects and cheesiness make it entertaining.
Special Effect Failure: Averted by The Thing's costume, which is actually pretty good considering the budget of the film (the fact that the company that did creatures for Babylon 5 made it too, helps). Played agonizingly straight everywhere else though, as most of the special effects come in the form of stock footage, cheap optical effects, really terrible CGI, and in the case of one of Reed's stretching scenes, it clearly involves two gloves on the ends of sticks.
Vindicated by History: It was originally considered by fans to be a mere B-Movie with a healthy dosage of Narm. But now with how bad the 2015 reboot is considered, large numbers of fans have begun to view this Fantastic Four in a comparatively more positive light, considering that it seems like the makers of this one cared more than the makers of the 2015 movie. It is also considered, in many ways, to be the most faithful Fantastic Four film yet (i.e. it captured the comics' spirit best but was hobbled by having almost No Budget).