Identify this movie/TV show...

It'll be more often as we all start forgetting faster.

I believe Dark Crystal to be the winner of the best so far in fantasy genre, if only for Froud's vision and art direction.

Legend is better for the more recognizable high fantasy, but it was the last of the line for good fantasy with a unique IP in Hollywood. LotR doesn't count since it is the foundation of contemporary fantasy.
I'd even go so far as to say that when looking for fantasy based on European mythic style, one need go no further than Legend. We shall never again see faeiries of the unseelie court the likes of Genny Greenteeth again.

Dragonslayer deserves more service than it gets. It shows it's age, but it ages well.

[Edit] Also, if you play Frostgrave or are interested in Frostgrave, Dragonslayer is compulsory viewing.

I wonder if Wizards and Warriors is the tv show I have been trying to recall for years. I remember watching a live action fantasy tv series and there was an episode where the hero and baddie got chained together in a cavern or change and had to work together to escape. I remember thinking it was a lame trope I had seen many times before. It is only years later that I have pondered the fact that there was a live action fantasy tv series in the early 80s which I don't think existed for another 10 years when Hercules appeared.

Maybe it was just Takes of the Gold Monkey which I know I watched and loved.