The best parts of the episode are, of course, The Cage, but the framing device has enough interesting moments to justify itself. It also has that awful ad-break where the footage stops for no reason, they convict Spock, and then continue on with the trial and the footage after the commercial as if nothing had happened. Probably the low-point of an otherwise highly watchable affair.
But I admit to liking Hunter's introspective Pike character more than Kirk on most days, though Kirk was probably a better character to hang a weekly series on.