I'm glad I'm not the only one who feels that way. The formula is a standard "feel good" movie and very predictable, but what appeals to me is the chemistry between the actors. I think it was a good casting combo for the major players and great suprises with the minor players (look what they've accomplished since 1996!). When it comes on, I usually sit down to watch.
...and speaking of watch, Mrs. Hanks sure looks good as "Marguerite"... (almost her real name BTW....)
There's so much to love about that movie, but I'm always drawn to a film when the "soundtrack" is interwoven so well with the storyline (like with Grease and Amadeus). The story revolves around just one song, but the way the filmmakers varied it throughout was really ingenious. It really is an underrated film in a lot of ways.