It's definitley got some excellent parts and an awfully cheesy theme that runs through it.
The good parts are the Jaws, and Cortez Bank sections and the music is good with those ones too, some Teahupoo shots and Pipeline are good too. The cinematography is world class on those shots as well. Then there is the weird sections on surfing on the Great Lakes, on Super Tanker bow waves in Texas and flat surf in Vietnam, then the Malloy brothers surfing Ireland. These sections are worth seeing once for the novelty factor but isn't something to get you amped for your next surf, although the Ireland shots have the Malloys ripping about in some cold sets.
The cheesy parts is all that spiritual we all love one another peace to the world, surfers are angels theme that runs through it. I don't know where that comes from as I find a lot of surfers to be pushy aggro and selfish in the line up. And the hippy stereotype of surfers is exactly that a stereotype and old fashioned too. Sure surfing can be spiritual but some of this stuff was just camp.
I'd say it's worth a peek but not worth buying. I have to admit it gets better when you watch the good parts a few times and skip the weird surfing sections.