It has the distinction of being the first Doctor Who story I can remember. Unfortunately, I got the wrong end of the stick, and thought the Doctor was the sinister villain (the scary wink in the titles), and the Daleks the goodies. I don't think I could quite handle the race hatred allegory at age four. It put me off Doctor Who until the Pertwee repeats circa 1992/93.
Having seen it since then, I think it's one of the best of the later Who stories, and definately a sign that things were getting better in a creative sense. On the other hand, it's got a very CBBC feel, particularly in the first part around the school. The switch from film to OB video for location scenes didn't help. The special effects are very good, and a lot of the McCoy stories show that it was getting much easier to do convincing stuff on a small budget. This, along with the improved direction the show was taking, make it a shame the series was cancelled when it was. If it had died after Trial of a Time Lord, no one could have had too many complaints, but there are enough signs in the last two seasons that the series had legs.
It's interesting now comparing the sort of stories Cartmel and his writers were doing with those of the new series. There are similarities - a cadre of young, enthusiastic writers, often fans of the show, wanting to tell ambitious stories that took themselves seriously. Remembrance could almost be an RTD story, with the element of social commentary combined with lots of affectionate nods to the past, and a shed-load of Daleks blowing things up.