I've seen the show and the original movie.
As you can imagine, the 70's movie is pretty dated now and for sure doesn't hold up to the special effects and whatnot of the series. Also this appears to be taking a much deeper story line with the malfunctioning and how the park and hosts is designed to work.
There are hints sprinkled in the series that it is a continuation of the timeline of the movie (there was a scene where they mentioned in passing there hadn't been a major malfunction in 30 years, etc.).
If you're really into the series, I recommend watching the original move as like a "prequel" of sorts. It shows a lot of the two other parks, Medieval World and Roman World, which may or may not eventually make their way into the series.
If you're not interested in watching, here's the TL;DR spoiler:
A pair of rich businessmen come to Westworld, go whore-hoppin in the brothels, shoot up some bad guys in the saloons, etc. In the movie, the guests couldn't shoot eachother due to heat sensors in their weapons, but it never really addressed if the hosts could kill the guests. It was implied that they just weren't programmed to win the duels I guess. The robots start malfunctioning little by little until one in Medieval World kills a guest in a swordfight. Then the people in the control room start realizing shit's for real and start panicking. In West World, the particularly menacing gunslinger robot (Brenner) goes haywire and kills one of them and hunts down the other one for the climax of the movie.