While not re-treading the comments or plot summaries of other IMDB users, I thought I'd say that this particular film does get better as it gets older. While ground-breaking on it's release in 1956, the visual "look" of this film has grown over the 46 years since it first arrived.
True to the pulp sci-fi of its day, the art direction has mellowed into an archetype that has not been bettered to this date. MGM put a surprising amount of money into the production values (similar to, but better than Universal's "This Island Earth"). This is a living "cover art". The indelible images of the saucer passing through space, landing on Altair-4, Robby, and the disintegrating tiger linger long in collective memory.
This must be seen on the big screen if possible, and in the original Cinemascope format. I've been lucky enough to see it (it was re-released in the 70's on a double bill with George Pal's "The Time Machine"), and the power it carries in scenes such as the Krell machines and the attack of the Id Monster are truly impressive. Watching it on a television just doesn't come close, although the "letterboxed" version is better than nothing. I am a poster collector, and even the advertising material for this film is exceptional. I see the one-sheet for it every day in my living room, and have never grown tired of it. "AMAZING!" is what is says, and for once they got it right. A true classic of it's type.