This was my first Coens movie, saw it in the 80s, loved it, my dad loved it, it was a whole household thing, and yet I agree with Ira - we can't put every Coens movie in there, and this isn't as good as at least 50% of them. I rewatched it about 10 years ago and thought it didn't hold up as well as I expected it to.
I'm not a huge Coens fan in general. I actively hate O BROTHER, I didn't like HAIL, CAESAR, I think BLOOD SIMPLE is solid but overvalued, I don't get BIG LEBOWSKI at all, but when they work (BURN AFTER READING, A SERIOUS MAN, and a few others) they are perfect. RAISING ARIZONA is in the upper-middle, but not worthy of the Canon.