This is one of my favorite 'comfort films'--I associate it with being home from college at Christmas, when I first saw it on late-night TV. I now own it on DVD and watch it almost every Christmas. The 18th-century costumes are absolutely superb (love that moment when Margaret Lockwood as the Stepmother removes her black widow's cloak to reveal her scarlet gown), the script witty (especially when Julian Orchard as the prince's camp cousin shows up), and the performances delivered with a light touch (Annette Crosbie and Kenneth More are the best at this). Richard Chamberlain never looked so dashing--the way he gazes adoringly at Cinderella!!--and Cinderella herself, Gemma Craven, is sweet and lovely, with an excellent voice.
A couple of the songs clunk a bit (you decide which ones), but the dancing is great, especially in the ball scene and the 'Position and Positioning.' The dancers come from the Royal Ballet (the dancing mice, too), so the dancing is a delight. And Richard Chamberlain has a dance number with Christopher Gable of the Royal Ballet, and he certainly doesn't suffer by comparison!
And oh, the costumes! I first saw a rather faded copy of this movie, and I loved the frosty pastels of the ballgowns (in fact, I thought Cinderella's dress was white); I was slightly disappointed by the brighter colors on the DVD. But not too disappointed--this is a beautifully-dressed film.
My favorite scene is Cinderella's flight from the ball; she runs down a series of staircases as the clock tolls midnight, rose-petals fluttering down all the time, and her pale-pink gown and frothy white wig gradually darken into her ragged blue dress and chestnut hair. It's a stunning effect.