I think it holds up remarkably well from a purely entertainment standpoint though it has its flaws.
This, and nothing more.
It's fantasticly entertaining movie, with fast action, loads of humor, some drama, everything we want in a blockbuster. However, some fans want more from Star Trek. And I don't think that what we as fans consider some of the best Trek episodes, will work well for a movie. So we get big blockbustermovies. In a way, STiD is a lot like TWOK. Somehow, fans still adore that one, but can't except this one.
So yeah, I loved STiD when it came out, and I still do. Highly entertaining.