It's a pretty polarizing movie it seems. Most people I talk to either love it to death or hate it. I happen to love it. I've watched it every year since I was a kid. I guess the reason I like it so much is because I find it completely relatable. I remember as a kid wanting certain things for Christmas as badly as "Ralphie" wanted that BB gun and going through the rollercoaster of emotions, doubts, hopes, etc, wondering if Santa was going to come through. Plus the every day "kid stuff" like dealing with bullies, friends, teachers, parental misunderstandings, etc. Not to mention that IMO Darrin McGavin is absolutely brilliant as the father in this movie! There are moments in this film where he doesn't even say a word, but just through his facial expressions and body language he cracks me up.
If you want to talk about overrated Christmas movies, let's talk about It's A Wonderful Life! Now THAT is a Christmas movie that I do not understand it's popularity. Hell it's not even a Christmas movie until the last 15 minutes of the film!