It cerainly is!
It basically celebrates the struggles our forefathers went through upon founding the colonies that would become America...and the rewards they reaped for their sacrifice.
Shame, that so many here seem to treat it as "just" a feast, with no real meaning. *sigh*
I agree that many have forgotten the original intent. One of the stories I remember hearing was that of the pilgrims not being prepared for winter, so the indians helped them out and there was a feast for all to give thanks. Whether thats 100% accurate, or if it's been told, retold, and re-interpreted over time, who really knows. But I like the idea.
It's also the reason that my own personal traditions for thanksgiving extend beyond family and include friends.
However, at the same token, I think it's important that the tradition still exists. I can't recall any right now, but I do remember one of my teachers talking about similar traditions having been lost entirely.