Let's get the obvious comparison out of the way: _Jaws_. How does the stack up to the grandaddy of well-made monster movies? It's pretty damn good.
_Lake Placid_ could easily become a B-movie, and rely on so-bad-it's-good moments or it could go full-force gorefest, but what makes this movie memorable is that it takes itself seriously. Is there comedy? Yes, but it's all very natural, makes sense for the characters, and is usually offering insight to what is happening within the story. Is there gore? Oh, yes, but it's never as intense as it would be if that was the goal here.
Where this differs from _Jaws_ is there we got a horror movie with moments of adventure, and a family drama; here we get light comedy, and a sprinkle of romance. Again, all of this is very natural and plays out nicely.
On to the cast: Pullman, Fonda, Platt, and Gleeson all work perfectly off each other. They all understood what they were making here: there is no overacting, there is no tongue in cheek. They're playing this straight, like they wanted to make a great movie, and they did.
Betty White is who I really remembered after my first viewing, but she's barely in it. Just speaks to how well she did. There are no small parts, only small actors. RIP, madam.
Obviously, the real star here is our killer croc. So, how is he? Pretty good. He's a mix of CG, and animatronics. For this being the late '90s, I'd say the effects hold up.
Not a perfect film, but it's really good. If you like creature features, this is a must watch. If you just want a light horror movie with good humor, this is the one.

Post script: A cow is suspended in one sequence. Although, I'm sure she was safe - likely attached to a crane, and not a helicopter, like in the movie reality - it still doesn't set well with me. If there is any positive takeaway, it's that we've made some progress of how animals are treated when it comes to entertainment. Animals are here with us, not for us.