I'm glad I watched it, and can see why it has somewhat of a cult following, but it's still very much a B movie in my books. Mostly I found character motivation completely lacking. There's no setup, and too many of the kids go from "huh, what?" to homicidal maniac in 3.8 seconds.
I know a lot of people have called The Hunger Games derivative, but even if it is ... it's a huge improvement, imo.