This movie and Gremlins were the catalyst for creating the PG-13 rating. Too violent for PG, yet not mature enough to warrant an R.
I had this on VHS when I was a kid and watched it all the time, though I mostly watched the second half.
Someday I plan to go trick or treating with my girls in a Mola Ram costume. Obscure enough to be original, but still instantly recognizable (if I do it right.)