Oh, Leprechaun. Leprechaun, Leprechaun, Leprechaun. Such an odd little duck in the horror world. The long and short of it is that I actually enjoy the first Leprechaun movie. It's quick and fun, it's punny and silly. There's nothing more to it than what they present to you on the screen, and you can just watch it and have a good time seeing Warwick Davis biting people and saying the most campy and ridiculous lines ever. Some of the plot points leave a little to be desired, as do some of those lines of dialogue, but this is about what you would expect to get if someone told you that you were going to watch a movie about a killer leprechaun.
However, it may take me longer than I thought it would to get through the Leprechaun movies, because though I own the first three movies on a DVD set, I had all the others saved up in my Netflix queue, and just as I going to start the franchise - they all went off Netflix Instant. Grrrr.