It so is. Saw it yesterday. In fact, it's the first movie I didn't see until the end.
It doesn't reveal very much, although something is happening all the time, it so lacks giving you background infos and proper impressions. And towards the end it gets extremely boring, Ali is jogging through the jungle of Zaire, in total slomo, nothing else happening. 10 minutes long. Who needs that? No further information about Malcolm X, just a cheap sidekick at the beginning.
The only thing worth watching the movie is, seeing Will Smith gotten hunky. He really looks like Muhammed Ali! He's even got the oval face... weird. But still crap.
Just my one cent (it doesn't deserve two).