My sentiments towards this movie were never dictated by the absense of Michael Myers (a figure which I admittedly find supremely effective). There are some plot points which are simply too ridiculous for this to be a masterpiece. The worst two offenders being:
1. One character is suddenly a robot. It doesn't make sense within the story (otherwise, said robot would have acted against the sabotaging hero sooner) and is obviously just an attempt at a final scare.
2. Are we to believe that EVERY child would own or even want one of those three masks? What about all those who wore home-made costumes or (conceivably cooler) masks by competitors? The success of the ploy would be limited, and EXTREMELY easily traced back to its perpetrator.
That said, this movie does have its place among my favourites, and I've come to enjoy more with every viewing. But it's gone from having a bad reputation to being hailed as a misunderstood classic with such conviction that many seem to believe it's a better movie than it actually is.