No it was actually a good movie with some depth (not a lot, but hey they're reintroducing characters for non-fans too). I like the care they took to explain that the original canon timeline (ToS, TNG, DS9, etc.) still exists (albeit without its Spock).
I have watched ToS, TNG, Voyager and DS9 and consider myself a fan.
The Red Matter and that space phenomenon was nothing more than what Hitchcock referred to as a macguffin. No one really complained when Hitchcock used it, or when it was used in Pulp Fiction (its Macguffin was actually a reference to a Hitchcock movie). Now one can debate the use of one in a sci-fi move, however I've never considered Star Trek anything close to "hard" or realistic Sci-fi.
http://www.youtube.com/watch?v=02LgdXVkXgM
It's an Onion video but it's so on the mark regarding some Trekker reactions to the 2009 movie.