The Neverending Story will always be a nostalgic movie for me. It was one of the earliest fantasy films that I can remember watching. Unlike Krull or Labyrinth, it had a boy as the main character and I was able to imagine myself in this crazy place.
I rewatched The Neverending Story two years ago, and it's aged badly. So much so that it kind of ruined my joy and memory of it. I don't think I will ever watch it again. It's not a movie I'm going to show my kids because there are so many better fantasy films now (LotR for example).
Something I could get excited about is a remake. Yes, that much hated process of taking an old movie and attempting to make it better or different than the original. Artist Nicolas Francoeur has imagined his own remake of this '80s classic. He's got some great ideas and they could be a good leaping off point for even more art.
Two directors whom I think would be great for a Neverending Story remake would be Peter Jackson or Guillermo del Toro. Could you imagine the scope and the creatures in a film done by either of those directors? It would be amazing.