Insights and questions from “E.T. – Extra Terrestial”

I just watched E.T. for the first time. It won best picture in 1982, and remains a revered (and oft quoted) cultural icon. What makes it so excellent? I will approach the question not by examining E.T. as a film, for I am not a film-maker (Don would be [rightfully] annoyed), but as a story, for everyone who’s ever relayed a bad day to a friend has tried their hand at the weaving of tales. We are all amateur story-tellers.
Below are four reasons I think the story is superb, and a few questions for further research.