Cult classic, guilty pleasure, or camp classic?

All of the above!

All three! I saw this for the first time just recently and was blown away. Amazing for 1980.

Had this movie come before Star Wars, we would all have Flash Gordon merchandise now.

All three as others have stated, but I've seen it recently, and it really holds up.

Any issues I have with it now are no different to whatever issues I had with it when I was younger (i.e. the colour scheme is occasionally a bit too bright and lurid for my tastes - see Dick Tracy for an example of where such heightened comic-book lighting/art direction can be done with a great deal more elegance), but overall it's a blast and is highly rewatchable.

Cult Classic

All three - love it! Top soundtrack too!