I first saw this when I was a teen in my last year of Junior High. I was riveted to it! I loved the special effects, the fantastic places and the trial-aspect and flashback method of telling the story.
Several years later I read the book and while it was interesting and I could definitely see what Swift was trying to say, I think that while it's not as perfect as the book for social commentary, as a story the movie is better. It makes more sense to have it be one long adventure than having Gulliver return after each voyage and making a profit by selling the tiny Lilliput sheep or whatever.
It's much more arresting when everyone thinks he's crazy and the sheep DO make a cameo anyway. As a side note, when I saw Laputa I was stunned. It looks very much like the Kingdom of Zeal from the Chrono Trigger video game (1995) that also made me like this mini-series even more.
I saw it again about 4 years ago, and realized that I still enjoyed it just as much. Really high quality stuff and began an excellent run of Sweeps mini-series for NBC who followed it up with the solid Merlin and interesting Alice in Wonderland.