If anything, I'd say it's overrated.
Don't get me wrong, I love it!
IMO, it just missed on a couple of things: It was done on the cheap, and it shows in spots. (sme of the FX shots over Khitemer, the prison planet set) Some of the acting was poor. (not Nichelle, Walter or Jimmy's best performances) They missed a great story opportunity with the Saavik character, but went with new character Valeris instead. And the ending on Khitemer was just CHEESY.