I watched it. Interesting.
I thought the best part was the guy explaining the story of Xenu and people from other planets and all that, and he said you gotta be in for a few years before you get to hear that story. "If you told everyone that stuff right away, how many people do you think would join us?"
Overall, it just seems like a giant fundraising operation for people with money. Getting the IRS to recognize it as a religion (for tax purposes) just made it easier for them to raise said funds.
The only thing I will say, as a non-religious person, I find it interesting that people are quick to dismiss this story and conduct code, but put their faith in teachings from millennia ago. Especially when much of our culture, science, medicine, and technology has moved so far beyond the ideas of that old time period. To me, removing body thetans as a religious practice is as strange as pouring water over a baby's head, or voluntarily not turning on a light switch for 24 hours. I guess I'm just saying live and let live... Tom Cruise can do what he wants.