I think thats the definition of a musical. That movie is great.
Other Favorites:
Wizard of Oz
Aladdin
The Lion King
Across the Universe
Pink Floyd's The Wall is pretty cool
Beauty and the Beast (What can I say, its a tale as old as time...)
I enjoyed the movie (the one based on the musical, haven't seen the 1960's version in it's entirety). It's not nearly as good as seeing it in person, but I enjoyed the fact that it got Nathan Lane and Matthew Broderick back together to reprise their roles as Bialystock and Bloom. I still laughed at the film version, but I didn't make an ass out of myself the way I did in New York.