I saw Slumdog, and I think it is slightly hyped. The movie portrays a skewed picture of India, especially to those who haven't been here (India is much, much more than only filthy slums and beggars). But given that it is directed by a British, this is not a surprise.
Though the soundtrack is good, A. R. Rahman fails to deliver the "Rahman magic" which we are used to (he has much better music than Slumdog, see Rojaa, Lagaan, Bombay). I also object to the brash language used in the movie, which makes it unsuitable for family viewing in India. The movie will not win all the 10 Oscars it has been nominated for -- there are far better movies at the Academy Awards than Slumdog.
Overall, though the story is surely innovative, the movie fails to impress me (but well, who cares anyway? ;-))