From the producers of Superman, this hugely overblown affair plays exactly like that film: the first (and better) half an extended origin story, the second half a battle against a corrupt businessman.
For kids there's still much to enjoy, but it looks incredibly dated, the flying effects old hat even in the mid-'80s. Dudley Moore is charming enough as errant elf Patch, but this was just further squandering of his talent by Hollywood.