Bruno was ok. Greg liked Borat much more and I just thought it showed how far we had to go. There were more than a few laughs and a few couples that left during the movie. Yes it was a bit of a minstrel show but I found that it was kind of twisted in the fact that the theater was filled with gays and young guys. I just thought it was funny that these straight guys were coming to see a movie that featured a spinning penis scene. I am sure they are not confronted with that much gay ever.
Its not the end of the gay rights movement and I don't see how it could really be damaging in any lasting relevant way. I would say you are probably better off renting it than seeing it in theaters.