Although most of the ancient Greek stories were at least partially based on fact, such as the Iliad and Odyssey, I think Atlantis is totally fictional.
First of all, it has only one source. Second there are too many contradictions and impossibilities.
The only place which even remotely is close to the story is Crete. They really did war with Athens, and they really were advanced at an early date, although not as early as the supposed time of Atlantis.
Basically the story is an interesting piece of fiction.
Yup.
They said the same thing about Troy until Heinreich Schleimann found it.
2009 bump