Good or Bad?
This award is often seen in a negative light by people who emphasise how it is won by people whose submissions are backed by their friends who give it high Reviews, but with a general score which is much lower. Others see it as a movie which appeals strongly to a certain niche of people and is good enough to get 30 people to bother to review it and give a high score, but one much higher than the general vote. These may not neccesarily be friends etc. but perhaps a category of people the movie was aiming for, such as fans of a subject.
Here is a discussion on the BBS by various people about Underdog, including considering its value.