When Sword and the Sorcerer came out on DVD last year I picked it up and thought, "Geez, did I actually like this?".

I've sold it since.
Excalibur is probably the most literate Fantasy film you'll see, Dragonslayer is also cool.
Some of the Hallmark produced films are also very good like Merlin, (which is sort of fun in a stupid kind of way), 10th Kingdom, The Odysee, Jason and the Argonauts, etc.
Alot of the old Ray Harryhausen stuff is fun:
Sinbad Collection: 7th Voyage / Golden Voyage / Eye of the Tiger
Jason and the Argonauts
and my favorite and a stellar DVD to boot- Clash of the Titans.
But if you're really into fantasy, I highly recommend you get into Anime. That's where the best adult oriented (when I say adult, I mean sophisticated, not neccessarily pornographic (there's that too)) Sci-Fi/Fantasy is today.