It's not a movie, but live action Zorro was awesome. Behold!
It had a good run of serialized adventures, lasting 78 episodes. The series also often took on entire story arcs, including a really great one with Zorro taking on a nefarious conspiracy led by a mysterious figure known only as "the Eagle." I recorded just about the entire thing back in the day when they actually had it on Disney channel.
It's apparently actually gettable on official DVD if you're in the Disney movie club. Hmmmmm.
I would suggest that it's not the medium, but the quality of perception and expression, that determines the significance of art. But what would a cartoonist know? -Bill Watterson