"The Fast And The Furious" is obviously a guilty pleasure. The movie has amazing cars, attractive women (Michelle Rodriguez, Jordana Brewster), corny dialogues, summer movie visual stunts, bad actors (Vin Diesel) and a MTV movie soundtrack. But the funny thing is that the movie works despite all that (or perhaps because all that).
"The Fast And The Furious" is an amusing movie because the director and cast never pretended to be part of a groundbreaking film, they knew that they were filming a popcorn movie, so they enjoyed the whole process, and the result is evident, "The Fast And The Furious" is an entertaining movie.
Of course, this kind of trick only works once, but Hollywood don't care, the studios love to repeat successful formulas, even if they know they are going to release a bad movie, they do it because they also know that it's going to do well in the box office. So Hollywood made a sequel, "2 Fast 2 Furious", but obviously that movie is just average or below average. This kind of formulas (cars + visual effects + attractive women) only work once.
Anyway, "The Fast And The Furious" it's a very amusing, entertaining film. I would recommend you to rent it first, and if you like it a lot, well, get it. If you don't like it that much, at least you will have a good time for two hours.