Even bad Trek is pretty good so this is all relative but I really like it. I loved the new look, the scope, the profssionalism of the characters, and the wide array of aliens in the crew. The TMP refit has never been bettered.
The downside is that it is a bit too sterile and there are not enough character moments. The pace and score allow you to drink in the visuals but to modern audiences who are used to such spectacle that just isn't enough.
Even as a child I found the story intriguing. I was probably old enough to understand and young enough not to see it coming. However it can become tiresome with repeat viewing. My ideal would have been a mixture of TMP and TWoK.