The second alternate Gundam universe tale (G-Gundam being the first), Gundam Wing is yet another different view into the Gundam verse. The familiar elements are found but Gundam Wing is actually different then its counterparts. The biggest being the Gundams are nothing more than terrorists combating one lone organization. In truth, the series doesn't really become a show about war until episode 7 but in truth the real conflict, the Eve Wars, don't happen until the later episodes.
The greatest positives of this series are it's characters. All the main characters are fleshed out throughout the 49 episode run and you can really sympathize with each of the roles their put in. Another great plus is the fantastic character and mecha design of the series. The designs put some of it's other Gundam counterparts to shame.
One of the biggest criticism of this series is how many die hard UC fans claim rip off of the original UC saga. Why Gundam Wing gets this rap when the more apparent UC clone of Gundam Seed is out there is beyond me. True there are many moments lifted but their told in new ways and there are distinct differences as well.
Take for example, the usual comparison of Zechs Merquise and UC Icon Char Aznable. Throughout the series, Zechs is more the outcast in the Alliance and in ways OZ as well, while the Red Comet was shining symbol of Zeon. Another big difference is the fact Zechs loses a lot soldiers under his command hence the other nickname he's given in the early episodes: "Killer of his own men." Char isn't given this label.
The problems with this series isn't the philosophy mumbo jumbo but two problems. The first is the reused animation footage of the Gundams attacks. Sure it's fun seeing Heavy Arms attack tanks, MS, and planes the first time. But on it's fourth re-use scenes like this do get old.
The second problem is that the entire series is supposed to take place during an entire year. If you really think about all the events springing in the series, a lot happens in just one lone year.
But I guess you can easily dismiss this fact when ignoring the intro's first lines every so often. As it ranks, this is probably the best of the Alternate universe Gundam tales and a great introduction into the Gundam world. After all, this was the very first Gundam anime to air in the US television.

As someone who has both read the novel and seen the film, I have a different take on why the film was such a flop. First, any comparisons between novel and film are purely superficial. They are two different animals.
The novel is probably intended as a satire, but it arrives as a cross between tragedy and polemic instead. Any comedic elements such as those which later formed the stylistic basis of the film version are merely incidental to the author's uniformly cynical thrust. And lest the omnipresent white suit of the author fool you into thinking this is another Mark Twain, think again. A more apt literary precedent would be the spectre of Ambrose Bierce in a top hat and tails. Tom Wolfe is equal parts clown and hack, more celebrity than author, always looking for new grist for his self-absorbed mill.
It is therefore no wonder that the excellent production skills and direction lavished on the making of the film were doomed from the start. Unlike true satire, which translates very well into film, polemics are grounded not in universally accessible observations on some form or other of human behavior, but in a single-minded attack on specific people -- whether real or fictional straw men -- who have somehow earned the wrath of the writer. Any effort to create a successful filmed story or narrative from such a beginning must have a clean start, free of the writer's influence or interference.
Having said that, I too find fault with the casting. It is not merely that incompetents like Bruce Willis and Melanie Griffith fail to measure up, but that real talents like Tom Hanks, F. Murray Abraham, and Morgan Freeman are either totally wasted or given roles that are mere caricatures.
There is enough topical material here for a truly great film satire, but it fails to come even close.