I think Shakespeare (whoever he actually was) had a good understanding of what the 'great unwashed' liked to see. He pandered to the toffs romantic notions about themselves while shoving in rude bits for the peasants to have a laugh at the toffs they were taking the piss out of secretly behind their backs. I could well imagine him doing very well writing blockbuster movies that are popular but not necessarily actually very good.
So yeah Shakespeare performed in the park on a summer's night is a nice bit of fun to watch. It's entertaining, but I can't sit and swallow the 'great' literature bit. We did Shakespeare for years at school and then again in English at university (college). I got into huge amounts of trouble because I plain refused to spout the party line about it being any good. What then really annoyed me was despite showing the plot weaknesses, contradictions and inconsistencies and rude bits (and they are really are rude) the professors refused to acknowledge that my point of view was as valid as theirs. Although now, that probably was the problem more than the strength of my argument. Rule no. 1 - thou shalt not disagree with thy teachers!
This post. I agree with all of it.