I saw it tonight, and it was completely, utterly amazing. The first five minutes had the audience in a state of which I have never seen at a movie. The way it was so real-like as well is what made it hilarious- Borat managed to set up others into making the most outragiously phobic comments, it was pure genius.
It had its fair share of turn away from the screen moments as well, most notably the naked fight between Borat and the producer, and when Borat brings his poop with him. Just, just brilliant!
I'm not good at these reviews but it is one of those films that is hard to make funny by describing it really, you need to watch it. Cohen is great, and there are some truly heartfelt moments, such as when Borat says goodbye to the prostitute (these are sad moments
relatively
The grand finale will have you, quite literally wetting yourself. Thankfully it is a manageable 1h23m, which means you can change quickly afterwards.
Just don't come out expecting not to be offended. The following will be:
Jews (the pamplona bull run equivalent)
Blacks (Chocolate face)
iPod mini owners (I get iPod, he only afford mini - everyone knows the mini is for girls!)
White people (you are made to look the stupidist)
etc. etc.
Even Brad will enjoy the fact that Borat has an iBook in his hut at the end.