The film itself is a lot of fun. Of course, it has problems by today’s standards, such as the hispanic role of Zorro being played by a very white actor. But overall this is good swashbuckling fun from the 1920s. Fairbanks would eventually play other similar roles like Robin Hood and one of the Three Musketeers. It was what he was known for. The film shows him, as Zorro, almost enjoying the act of fighting injustice. In every sword fight, he is smiling the whole time.
Its plot is simple and familiar to audiences of today. Particularly to fans of superhero stories, particularly those that involve a romance. The woman falls in love with the hero, but not with his secret identity. But over the course of the film, that identity is revealed as the hero saves the day, and they all live happily ever after. It’s a fun story, and an enjoyable piece of escapist entertainment from the era. It’s the kind of story that lasts, which is evident in the two times that this particular story was remade since.