Hadn't watched this one in ages. Maybe Hoffman's best performance and Meryl Streep was truly at her peak back then. They both very deservedly won Oscars for the flick. Add best picture, best director, and best adapted screenplay to the mix and you pretty much had a clean sweep.
If you watch this and can get through the last act without having tears running down your face you ain't got a heart. You younger folk will probably find it kinda slow in parts but the acting from all involved (even the kid is pretty mindblowing) should more than make up for it.