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I'd say you're certainly better off keeping your memories of the live action film hazy. My greatest problem with it was that it simply plopped some of the series characters into a then-contemporary suburban setting. complete with Elliot-like teenage kid. I imagine this was a budget mandated decision, but I would have preferred a fantasy environment, even if that meant filming out in some nearby wilderness and adding a few cheesy sets and matte paintings. (It worked for Krull, The Sword and the Sorceror and numerous other Conan wannabes at that time, and I ate those movies up.)
These days, an eye catching Masters of the Univrse movie could be made on a modest budget. It would almost certainly be awful, but I'd probably give it a rental.
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