Just saw it on DVD this weekend after all this time. It was hilarious, but the laughter was tempered with disgust at the seamy underbelly that he so expertly draws out and holds up for ridicule. Yeah, it's funny, but it's depressing as hell to know that's what's out there (:is grateful to parents for deciding not to move to Mississippi in '89:).
ETA: Here's a Salon article that describes the truth behind several of the scenes. Unsurprisingly, a number of the unwitting participants are/were suing:
http://www.salon.com/ent/feature/2006/1 ... _to_borat/