Pros: Some of the best character moments in Trek. The scene of the Big Three and Sybok in the Observation Lounge are the best of any Trek. De Kelley shines, as well as Shatner's Kirk ("I need my pain!"). The campfire screne is also great. The music, especially that at Yosemeti, is some of the best!
Cons: Many, many, many... Heartbreaking really, because there there is so much to like. So many of the comic bits were forced and stupid. The optical effects were done on the cheap, and it shows BADLY. The camera work was shoddy for the physical stunts and effects. You can see the strings holding up Kirk in the shuttlebay fight scene, etc. At times, TFF is painful to watch.
Sad. It is by far a personal guilty pleasure of mine. And I do like it more than INS or NEM.