As I said in my review of the book, I loved The Last Unicorn movie as a kid. I watched it repeatedly, and I remember thinking it was sooo pretty and had a wonderful story, though it was sad and kinda strange in places. Upon rewatching it as an adult, I discovered that not much has changed - it's still pretty, still wonderful, still sad and, yes, still a little strange.
Having read the book this time around, I was surprised by how faithful the movie adaptation was - though I guess I shouldn't have been, considering that author Peter S. Beagle also wrote the screenplay. Some things - such as Schmendrick's immortality, and the town of Hagsgate - were cut out, simplifying the plot slightly, but ultimately not damaging it. The only thing I did kinda miss was the Hagsgate prophecy and Lir's connection to the town, because I liked how it added another layer to his character. However, I can see that it might not have fit within time constraints, and it's not a major issue - the removal of this subplot still leaves a strong and lovely story.