Do animated films count as "film"?
If so, watch The Last Unicorn.
That is one I know I need to see.
And come to think of it, I wasn't considering animated films. That does expand the list greatly.
High fantasy / epic fantasy / sword & sorcery (discounting everything else that is advertised as fantasy) is extremely lacking in movies. The only big-budget film in that genre I can think of is Willow, but that wasn't a huge success at the time, so no more were made. Everything else is animated or B-movie stuff, mostly from the 80s. Many of these are very enjoyable, but in that genre there is nothing that can compare to the Jackson movies in terms of budget, design etc., which is probably why I like them despite all the (sometimes very viable) complaints. I mean, I actually saw this abomination in a theatre.
I liked Schwarzenegger's Conan films. Though I admit it's been a very long time since I saw them.
Quick glance at Wikipedia... I'd also count Legend and Excalibur (not high fantasy, but it feels like it fits anyway) among good examples. Eragon and Chronicles of Narnia as not necessarily great, but big budget productions, at least.
And... yeah... that's all I can come up with at the moment for really notable live-action fantasy films.