Have always felt Ponyo was probably Miyazaki's most underrated film. I think it's absolutely wonderful.
Same, in my top 5 probably.
The art style is the best along with Kaguya they've ever done, very round, soft, with crayons that make it look very organic and warm; the story is lovely and childish in a good way.
I love how the catastrophic flood is seen as a wonderful and adventurous fun, like i used to imagine it as a kid.