I definitely enjoyed it for the fan production that it is.  I liken this to reading fan fiction on the web; it's someone's story that's based on Star Trek, which, through the miracle of crowd funding, gave it the opportunity to see the big screen.  I've watched Star Trek Continues/New Voyages, Hidden Frontier and others, and as far as fan creations go, I thought it was among the more impressive ones that I'd seen.  I think that watching it with that in mind, allowed me to let go of some of the elements that I may have otherwise taken issue with in an official Star Trek production, including some elements of the story.  Generally, I found the story idea compelling, though.
PROS:- Amazing make-up & character design
 - Fantastic environments
 - Great soundtrack
 - Compelling story with potential
 - Strong acting performances by some of the cast
 
LOWS:- Weaker acting performances by some of the cast
 - Some special effects could use improvement (phasers/beaming)
 - Bridge sets could've used some more love
 - Starfleet uniform design
 - Why is that chick wearing glasses?
 
Overall, both Julien and I agreed that we were entertained by watching it and that it was a pretty good effort as far as fan productions go.  We've turned off other fan productions mid-episode that were too brutal to watch, so we can be tough on them too; it doesn't just get a free pass just because it's an unofficial production.  It was enjoyable!