It's a big yes for me. I can't pretend to divorce my enjoyment of this film from that of the young me (36 now, must have seen it in the late 80s on VHS first), but I don't think that means I'm simply being nostalgic. I get nostalgic about Flight of The Navigator, but I don't think I'd push for that to go in the Canon. I think Labyrinth definitely belongs in for the beauty of the fantasy world and creatures on display, the dreamy tone, and the non-aggressive path to victory / self discovery.