It's a bit hard to remember how I felt about it the first time I saw it, back in 1996, aged 14, back when The X Files was all the rage.
In all honesty I think for the first half an hour or so, it doesn't do that much wrong. The tension and atmosphere's there. There's bits of wit in the script that feel truer to the old characters than is given credit (i.e. "I knew even in death, I still couldn't trust him").
Unlike many, I can live with the cruel irony of McCoy meeting his demise just for being in the wrong place and the wrong time, on his favourite planet, gunned down senselessly by the very humans he's always protected.
The soap business with Grace's ex is stupid and annoying, but by God it seems subtle compared to the ridiculous amount of sub-Eastenders drivel we later got with Fathead.
I can live with the romance. But then I would've always been happy to have seen Tom's Doctor and Romana become an item in Season 17/18.
I think where it starts to go wrong is that bloody motorbike chase. And not because it's necessarily that out of the spirit of the show (The Pertwee era had its share of motorbike chases in The Daemons and Day of the Daleks). But because once they lose the pursuing Master, they still seem to try and force the urgency and speed to keep going out of nothing.
And that's the problem really. The film just does feel empty and like a lot of hollow sound and fury. It's unsatisfying because there just isn't much story substance to it (in some sense this is a relief because it means the writers have managed to cut out a lot of their more apocryphal mythology, but there's nothing really there in its place).
The Master still just feels like a tired villain who isn't enough to sustain a story's plot (though I actually don't think Roberts is necessarily bad in the role). RTD was right that the problem is, there wouldn't even be a dilemma for the Doctor to solve if he hadn't landed on Earth in the first place. And as Cartmel points out, I think I just wanted the film to be about a much more promising adversary. Like the Daleks or Cybermen. I mean for God's sake, weren't we meant to finally have the budget for them?
I think when they get back to the Tardis and realize the process can't be reversed, that's when the problems occur. When the stakes and goals just become impossible to understand, so it's hard to know what we're rooting on our heroes to do. It just feels like the writers wrote themselves into a corner and had to keep the film going regardless, almost as if the whole thing were an excuse for itself.
I still don't understand the ending one bit, and I remember at the time being baffled that the makers could consider this in any way a decent finish. And in hindsight it does look like a committee just couldn't agree on the ending and so they found ways to contrive to do every ending at once.
Yeah it turned into a bit of an unpromising disaster in the end, and it's a shame because they had the cast and resources available there to do so much better.
Would I have liked it to go to series, regardless? Hell yes!
I mean if nothing else it did seem to give the show a needed clean slate for the first time, after nine years of JNT's era seeing the show disappearing up its own continuity.
Star Trek: TNG started with a far worse pilot than this, and yet still managed by its third season to become a great quality show. It might've still happened. And it may not have ever been Chimes of Midnight or Natural History of Fear. At most likely, it would've been just like Sliders, but I could probably live with that. At worst, I don't think it could've been worse than the RTD and Moffat shite we did get instead.