I think it was terrible, and should have been struck down as an unconstitutional content-based restriction on free speech.
Three of the major flaws were 1) when applied, it shoehorned issue discussion into only two views, and forced out alternative viewpoints, 2) the general desire on the part of broacast stations to avoid it had the practical effect of discouraging political talk shows period (no accident that Rush Limbaugh's show went national in 1988), and 3) it handed to the government the ability to steer/silence political discussion.
The net effect was to encourage broadcasting of only a single POV by each of the Establishment, "respected" media outlets that didn't require equal time because their POV's were supposedly "neutral".
Fuck Walter Concrite and one dude in a suit telling us all what to think. Hammers, pitchforks, and firearms if they try that fascist shit again.