No, now, hear me out. YOU may not see the horror of this film, but let me tell you this movie is CREEPY. Yes, I know, it's a Spielberg movie! It's one of his best movies. Well, let me tell you I can't watch it without hiding my eyes for most of it.
It's not even the alien part of the whole thing - I can handle aliens (for the most part). They don't bother me. The turd is halfway cute, actually, when I think about him. It's not the aliens, it's not the unknown... it's the government guys in the HazMat suits!
When they capture poor little ET and put him in the freezer (or whatever it is) and his tummy glows red, the five year old me that's still very much in my head wants to run for the other room. My dad finds it hilarious and makes sure to stop on the movie whenever it (rarely) plays on TV. Because he's evil like that.
And, yet, I love quoting this movie. And the music is - as John Williams' scores always are - incredible. So it has a lot of positives... which is why it's the best horror movie of all time.