I got an IMDb account specifically to review this movie; if that tells you anything. Before the internet existed, and then before torrents become viable, I had no luck finding it after watching it once as a rental; the other "The Quest" kept getting in my way. I spent a lot of time searching for a copy of this. It's difficult to explain the movie to people who aren't familiar with it, and the premise isn't so hot on paper. Objectively, it's not an AAA title, but it just might be my favorite film. There is a mythic quality to it; some primeval fascination - from the standpoint of an evolutionary biologist, I would say that there was good reason for our ancestors to pay a lot of attention to strange bubbles and ripples in the water, and perhaps for that reason, the mystery at the heart of this movie is eerie and compelling. Dreamlike is the best word for this movie - it doesn't make a great deal of sense, but it is invested with some cryptic and deeply felt meaning; like a strange recurring dream.
Structurally it really is similar to both E.T., the Goonies and in a way Stand By Me; it has a little bit of star wars to it in terms of feel and aesthetic. The setting, the music, and the strange little premise take it away from those more familiar reference points and into a very strange place.