I went to see the Passion last night and I would say that it was an "okay" film, hugely overrated, not at all anti-semitic and containing rather more than its fair share of Hollywood exaggerations.
To begin with, the whole "Satan" thing was pointless, unbiblical and stupid. It detracted from the plot and had no place in the story of the Passion. Why was Satan cradling Gollum as Christ was being scourged? What was that ridiculous bit at the end with Satan screaming in Hell (I was actually dreading a Christ vs. Satan showdown at this point)? And why on earth was Judas pursued by demon-kids? All of these features were poor, and the film would've fared a whole lot better without them.
There were the obvious biblical inaccuracies - Mary Magdalene was not the same woman caught in adultery who Jesus protected from being stoned, Peter did not deny Jesus during his arrest, the temple did not split in half ala Indiana Jones and the Last Crusade (the veil was merely torn asunder), the second thief did not have his eyes plucked out by a crow, Jesus would only have been made to carry the crossbar of his cross, not the whole thing etc. etc. These were done for dramatic effect, perhaps, but since Gibson claimed to be making a film that "remained true to the Gospels", these inclusions did not aid his cause.
That said, I think the film did work on some levels. Whilst a few of the flashbacks were heavy-handed and contrived, the scene where he carries the cross through the streets and he remembers coming to Jerusalem with the people waving palms was particularly well done. I was moved by the scene in which Simon cries out to the Romans and Jews to "Stop" beating Christ, and the actual scourging did make me wince. Pilate's character was handled well, and it was nice to see that not all the High Priests were united in their condemnation of Jesus (Nicodemus et al.).
All in all, the film does not deserve the hype it has received, but it was nevertheless a thoughtful piece which deserves to stand shoulder to shoulder with other epic Life of Christ movies.