Yes, this movie was as good as everyone raves about. I wouldn't quite give it a 5/5, a 4.5 maybe. It's up there.
The effects for this movie were astounding I have to say. The cave scene wasn't as exciting as I would have hoped, but it was still good. When Katie Bell touched the cursed necklace I got the chills.
The only problem I had with the movie was it wasn't as true to the book as I would have liked. I actually took notes about what was different. I understand the reasons they did this, to make it different than the book and to take up less time, but I am pro book and I was a little disappointed.
Overall, however, I would have to say this is one of the best Harry Potter movies out and I think everyone should see it.