I've always been a little biased towards the first AVP film cause I'll always remember it coming out when I was around 9 years old and it was, and still is, the most excited I've ever been for a film's release. Just seeing my two favorite film creatures on the same screen together was the most amazing thing in the world to me. I have a lot of childhood nostalgia for it.
It's not the best possible movie we could have gotten by any means, but I've always thought it was pretty cool and fun for what it is. Has some great moments and ideas. Especially compared to some of the abysmal other films that came after (cough cough AVPR cough cough The Predator).
The only thing I think hasn't really aged well would be some of the CG, and definitely all the terrible digital blood added in post for the "unrated" edition.