South Bronx
The only reason to watch this film is the scene when Hanks and Griffith drive through the South Bronx. Its interesting to see just what New York's worst-looking neighborhood was like before Rudy Giuliani was mayor. Today, you can walk through the South Bronx during the day and its relatively civilized and quiet, although not prohibitively safe like other outer-borough neighborhoods. Tom Wolfe's choice was incisive; the South Bronx illustrated the sheer hell that New York was not too long ago. Even other neighborhoods were actually worse, the South Bronx was often used as a venue for Presidential candidates in the 1970's and 1980's who campaigned promising to bring about urban renewal. It took a lot longer than they might have expected.
Aside from that, I would agree that this film is outlandishly bad and a disgrace to everyone involved.