Yeah, it really is.
It did change so many things in Hollywood... as well as in the technical way movies were made: the fast cutting, sound, bringing back wall-to-wall epic scoring, the sheer volume of movie magic, did I say SOUND DESIGN... and of course the way all SFX were done. As well as story structure -- the Hero's Journey really became the defining structure.
A New Hope is a masterpiece for a number of reasons: 1) It?s completely innovative and changed the movie industry going forward- the special effects and techniques employed were like nothing that had every been seen before, they just took it all to another level. The story itself is very engaging, it is just as enjoyable today as it was back in 1977, it has survived the test of time, in fact its arguable still the best sci movie ever seen on the golden screens. Not only was it a technical achievement, it literally blew the minds off of kids/teenagers and parents alike back in 1977 (the new movie standard back then at least), and it still resonates and blows their minds today. There are not many movies with more replay ability as star wars, while the themes may not be completely modern (man always saves girl, diverse cast), they do capture the times perfectly in which the films were made. A hero born into nothing (he did not know he was the son of vader) on some desert planet has a chance encounter with a very special droid and his whole world changes and that journey is simply amazing-it?s timeless. It you judge star wars by all the criteria it meets all the check marks-it had technical ingenuity breaking major grounds with special effects that were copied by many movies that came after it up until CGI took over, it had a wonderful story that's still impactful and relevant today, it was very entertaining, and it has been able to stand the test of time. A new hope today resonates with me the same way it did the first time I saw it, same with ESB and am sure it will continue to resonate with me till day I die.