Arachnophobia is great fun. It's in the wacky vein of other Spielberg-produced family comedy adventures like The Goonies, Innerspace, Gremlins, and so on. Definitely watch it. :)
When I saw this at a packed cinema in early 1991, a few people who had obviously seen the film before kept chucking bits of popcorn at the rows in front to try and make them scream during key scares. I normally do not condone this sort of behaviour at all in cinemas, but I must confess on this occasion it added to the experience and was absolutely hilarious.