The Last Unicorn (1982)
It took some Googling for what on Oerth happened to The Last Unicorn live action film that even made it to IMDB some time ago and then disappeared mysteriously (they even had the same people that did the voices to play the characters!) to find out that the guys who did animation for this one (there were much more than one Japanese name in the closing titles, and that explained, at that moment, why Lady Amalthea was so ‘animatic’) later became Studio Ghibli. That explains a lot.
The budget wasn’t too high (and it shows), but just like for Soul Music and Wyrd Sisters (low-budget and based on a book), the base is good enough to shine with just very decent effort. Separate efforts were certainly payed to remain true to the book, and that’s something we should all be thankful for.
All in all, see the film, read the book (in any order) and enjoy the fairytale for kids and grown-ups alike.
It might be a good idea to purchase a 25th anniversary widescreen edition. The quality of the picture has improved a lot, and I’m pretty sure you’ll be wanting to see it again and again (not to mention the personal autograph by Peter S. Beagle himself).