The 80s version was bad and campy but still enjoyable if you watched it the right way. It didn't take itself seriously at all and that's probably why a lot of people didn't like it (they were expecting something like Star Wars which while campy still took itself seriously). Also the special effects and costumes looked very dated, especially compared to Star Wars, but it was actually on purpose as an homage to the old serials, a lot of people who saw it never knew that. And it had Max Von Sydow as Ming which is perfect casting, plus some other very good actors had roles in it.
The first time I saw the movie (in the 80's) I hated it for the reasons stated above (I was expecting Star Wars and as a kid I couldn't understand why this didn't look as good). But I've seen the movie a few times since and enjoyed it.