Twilight Zone: The Movie, or as I like to call it, Racial and Juvenile Themes: The Movie. This is a film that, allegedly, is based off the Twilight Zone, but I'd say that only really applies to the first and fourth segments of the movie. I'm a pretty big fan of TZ and watching this is heartbreaking. Not because of the visual effects, but the unlikable characters, and the stories themselves.

"Time Out", as noted before, has a lot of racial tones that really show this movie's age. It's still watchable, but just keep in mind that this was made in the early 1980s.
Both "Kick the Can" and "It's a Good Life" are absurdly childish and I had to skip through them. They aren't good.
On the other hand, "Nightmare at 20,000 Feet" is the classic TZ that you know and love. John Lithgow did a brilliant job here as John Valentine, expressing the mass paranoia perfectly. You should definitely watch this movie just for this section at the very least.

Overall, I can only really recommend watching this for "Nightmare at 20,000 Feet" and/or "Time Out." Otherwise, avoid watching this and just stick to the TV shows.