I saw this on the big screen with live organ accompaniment (from the original film score) last night and I'm glad I did. Most people don't know Fritz Lang for anything before *Metropolis*, but this is a film which, to my mind, matches the best of what he has done. It's incredible to see what they were able to do with the wild set design. The score was suitably intense at moments. And the story was a pretty touching one about the fall of Siegfried.
The scenes I was amazed by in particular are: the dragon-slaying sequence (which, at first, elicited laughs because of the obvious artificiality of the creature but then got sounds of pity as he lay slain with blood shooting from his torso); Kriemhild's dream sequence, which has to be the earliest example of animation I've seen (the animation and accompanying music are pretty dark and disturbed--they gave me the creeps); and the approach to Brunhilde (with an incredible sea of fire). What I've come away with is even more of an appreciation for what filmmakers were capable of in the silent period. It seems clear after a film like *Siegfried* that silent film was not an infant technology waiting for sound but was an artform of its own.
All in all, I'd say this is a must-see. It's clearly not just preparation for the "great" films of Lang to come (like *Metropolis* and *M*), but is on par with any of the best of his stuff. This and *Dr. Mabuse, the Gambler*, both Lang films which are rarely screened, should be caught if at all possible.