Not a bad film, Hercules has a lot of interesting stylistic elements. The humor is trendy, hip, and up-to-date, and the character art, for the most part, is given an Ancient Greek twist by the animators.
Except for one character--Zeus, very much based on the old-fashioned Fantasia-style Lord of Olympus. Still, it fits his character, as Zeus tells lame jokes and generally acts behind the times. So, actually a rather clever touch, in a way.
This movie almost has it all--the Muses singing forms an enjoyable framework for the film (a device unabashedly ripped-off from Little Shop of Horrors, BTW) the songs aren't bad, the design is good, the characters are mostly good. Phil, the philandering, hot-tempered trainer of Hercules, is probably one of the most enjoyable personalities in the film. (The least enjoyable are the whining, bumbling sidekicks of Hades, Pain and Panic, who strike me as obnoxious and thoroughly expendable little refugees from a Nickolodeon cartoon.) Hades is definitely the life of the party. Meg is one of those sleazy-with-a-heart-of-gold heroines which Disney was sticking in everything at the time (though she definitely has her moments), and Hercules is..well...bland.
But there's not much in the way of emotional depth in Hercules. It's not likely to give you a lump in your throat (unless you were trying to swallow something when Hades releases and redirects the Titans)
The humor and design make Hercules well worth seeing. The lack of depth in the hero and plot will probably keep it from being considered a true classic, though.
(One enjoyable little touch to watch for--when Hercules is posing for an artist, wearing the skin of the Nemean Lion--he removes the lion skin to show that it has the face of Scar from the Lion King.)