I think it's a great bit of campy cinema. It's like Wet Hot American Summer with ravers and 90s cyberculture. It's a lot better today than it was when it was made. Instead of lame it feels charmingly funny and nostalgic.
For all the factual inaccuracies in this movie - which was like 99% of it - I think they have done an amazing job relaying the spirit of the manifesto - the general notion that hacking, as a culture, is really about challenging yourself and satisfying your curiosity.
While a wholly inaccurate portrayal of hacking or even computing, it did contribute to my fascination with both.