Found it disappointing. Not in all respects, but in many. Watched the awesome trailer that came on some of the VHS releases in the leadup to it's release endlessly, got my expectations up really high, got my copy signed by Jerry Doyle and Mira Furlan
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) then watched it for the first time and couldn't help feeling that it didn't mesh as well as I'd expected. The moments are there, especially when it comes to the awesomeness at the end and the music, but the pacing is odd from a storytelling perspective (key characters appearing and disappearing seemingly at random), the structure is odd (sometimes, as in the Franklin's notes scene, it feels like a direct transliteration of everything the characters said about the period during the series, at others, as with the Franklin / Sheridan / G'Kar plotline, it feels like filler based on some very unlikely conincidences that were never hinted at before). It has several grammatical stumbles in the dialogue, suggesting parts of it might have been filmed in a rush.
It's not a good introduction to B5. It spoils too much of the mystery of the Shadows, the Rangers, Sinclair's capture and Delenn's transformation. The subject matter leaves little room for B5's fun sense of humour and irreverance. I usually save this until after season 4, where I think it belongs.
Things I do like: The first contact scene is awesome, very movie-like. The Battle of the Line is awesome. Dukhat is awesome. The soundtrack is awesome. Londo is awesome as narrator. The effects are great, even where they don't always mesh. Mira Furlan is great. There are some really memorable lines.
I don't think prequels are a generally a good idea. This is okay, but I marginally prefer Thirdspace and A Call to Arms.