I saw this movie when it aired on MTV, and my recommendation is to catch it there. It's not horrible by any means, but to me (as a dancer) the dance sequences were too few, too short, and too choppily-edited to make up for some of the storytelling and acting flaws in the picture.
We expect a certain story arc in a dance movie, same as in a sports movie, but one thing I have little patience with is the idea that a complete unknown could or would be hired to produce a big event (see "Honey" for a very similar story). Just not going to happen, folks. I don't care how cute she is. Someone with money on the line is going to hire a producer and choreographer with an actual resume.
Personally, my favorite scene was when the dancer's mom walked out on her bossy, judgy husband to go and see the show.