True enough and it has happened for me that way.
I should note that for those films which I have watched and watched and watched, the seams do start to show. At a certain point, you go beyond the appreciation of suspense (first viewing), and the enjoyment of form (repeat), and move on to engineering aesthetics. That is, you appreciate how it is made, why things are there. You are not just experiencing or re-experiencing, but savoring the elements, the purpose, the technique, etc. I've watched
Blade Runner more times than I count. It is visually dense, metaphorical, ambivalent, slow (in a good way--
Blade Runner is a mood, a place we inhabit for a time), but the appeal was more than this inherent rewatchability. People obsessed with the film were reverse engineering how the magic trick was achieved. Some were future film makers. Others were just people hoping to learn how something like that is achieved--in so doing, there is a deeper appreciation of artistry involved. Even here, however, you reach a point where you "max out" your viewing. I have
Blade Runner basically memorized after watching it endlessly and making my own fan edits of the the film. I have worn it out, but what a journey it was, and what a joy to have a film that had so much to offer.