Not sure where it stands now but I never see it mentioned as being among their best films. This being their first major studio film, I remember reading mostly dismissive reviews at the time but I was blown away by it. I just watched it again a month ago and it's still one of my favourite films.
Of their comedies Hudsucker is the only one that actually makes me laugh. I even love Tim Robbins in it, who is one of my least favourite actors and who displays a fantastic ability for physical comedy here. Jennifer Jason Leigh gives a heroically out-there performance as all fast-talking screwball dames rolled into one ("Not a brain in his head!"). The Hula-hoop sequence with the little kid is a masterpiece in itself.
And most of all, I it love it as a fantasy film, the way it turns one NYC skyscraper into its own universe, with its own rules and logic, its own class hierarchy and complete with devils and angels fighting over human souls. As fantasy world-building goes, it's certainly more original than LOTR.
The film is full of dialogue that has become catch phrases between me and one of my best friends. Circles and crack-pot ideas often will be responded to with " You know, for kids !"