I adore the Last Crusade...
...possibly as much as Freddy got Fingered. So a lot.
I think what bothers people is that while Last Crusade a bit of a distillation of everything that made the first film work, it's almost too efficient, predictable, and self-consciously goofy. The third act absurdities (which, to be honest, I love) are an important step in Spielberg's maturation as a director as he went from making great movies to making great movies with horrible and illogical endings, so it's an auteur film, too. Also, the shot choice in this film is a LOT more organized than in Raiders and the framings more impressive aesthetically and in terms of what they say and how they parse than in previous Spielberg films. Visually, at least, Spielberg has only gotten better over time, and the visual maturity in this film hints to me that it's not just Kaminski's influence.
Some highlights:
The long, boring exposition that sets up the story in the first act is basically just Harrison Ford talking with some guy for twenty minutes. Watch the clever blocking and camera work that keeps the scene visually interesting. Very impressive stuff; the best random camera work during dialogue of its time, and only slightly worse than the reigning champ (the Rock--where every phone conversation has at least three push-ins and a jib move). While Scorsese might use acting or story to make a scene like this compelling, masters like Spielberg and Bay know that it's all about the dynamic camerawork. Love it.
The fight scene on a train at the beginning. What could set the tone of this movie (fun, but sillier than previous Indiana Jones films) better than this absurd, absurd scene? Nothing, except maybe a jet pack. You can usually tell how good a movie is by how many fights it has on moving vehicles.
The weird religious implications of the ending. The whole film is basically a call for secular humanism, but with a return to a chivalric code of honor; in making Indy the redemptive figure (I mean, he finds the Holy Grail!) Spielberg is announcing the death of Christianity but promising that we can still live in a morally upright society if we kill Nazis.
I love the problem solving scene at the church. What the hell is this? It's the worst puzzle ever; you just put some numbers somewhere. It's like one of those video games where you have to stop shooting things for a while and solve a stupid puzzle, except in cinematic terms. Loved it.
Anyhow, four stars. And I can't wait for the fourth film. I swear it will be good.