I saw ST V in the theater, and what I remember from that first viewing was a gradual increase of disappointment as it went on. There were some good story concepts, but I didn't always like how they were presented.
The effects were below par in some cases, with blue screen work obvious. When the Klingon guy uses a space probe for target practice, there was what looked like poor stop-motion animation. The best effects sequence for me was the shuttle crash into the hangar deck.
I thought it was quite a coup when I saw David Warner's name in the credits, but the character he was given didn't make use of his strengths as an actor. Laurence Luckinbill was okay, but it felt to me like he was trying to be Richard Kiley.
It was Shatner's first feature film directing credit, but his only prior experience with film was a dozen or so T.J. Hooker episodes, and it shows. It's a shame, because I think he really believed in the project, but there were too many logistics for him to deal with, and was apparently in over his head.