I really enjoyed it, and at the risk of sounding pansy, it brought me to tears at points <blush>.
I did feel that it was very negative towards the US government and their attitude to the war. The 'we're not heroes, we just did our duty' attitude I really appreciated; the negative portrayal of the bond drive I didn't. But then, I think that it's rare that a war movie be anything but anti-war, so I wasn't particularly surprised. I also thought it was a bit hypocritical of them to make a big point out of how the Iwo Jima picture was deliberately misrepresented by the government, draw a parallel with the Vietnam photo of a South Vietnamese officer executing a prisoner, but then not mention how that photo was similarly misrepresented by the media.
I do think the film has valuable things to say about how media influences the way people think about the wars that are being fought, but I honestly feel that in modern times the 'propaganda' factor works in the opposite direction. At least in the US, the media is the one who decides how to portray events, not the US government.
But overall, a great film, definitely worth watching. More of an experience than a movie though, make sure you're not depressed already when you go, because it might be worse after you leave.