^ depends on how you look at it, i guess.
essentially it started out as a pro-government sigh of relief and laugh at the failed rebellion, a celebration of king james' continued survival. it was actually a public observance put into law for about 250 years, i think, but was eventually repealed. the holiday was, in addition to being pro- status quo government, quite protestant, being as the whole point of the gunpowder plot was to put a catholic back on the english throne - religious tolerance towards catholics had waned after elizabeth i, king james' predecessor. so on the 5th, people in britain built bonfires and burnt effigies of "evil" or chaotic figures such as the devil and pope, and later of guy fawkes himself and other unpopular, typically "rebellious" figures.
more recently people have seemed to sympathize more with fawkes, especially given v for vendetta, which portrays the hero in a guy fawkes role fighting against a fascist government. the 12 gunpowder conspirators were fighting for religious freedom, after all, even though their way of going about it was rather violent.
in my mind, it kind of walks the line between being a celebration of safety and protecting a stable government from those who seek to bring chaos through violence, and a reminder of the potential evils of authoritarian government and the suppression of social tolerance.
mostly i just like the rhyme, and fireworks.
Remember, remember the Fifth of November,
The Gunpowder Treason and Plot,
I know of no reason
Why the Gunpowder Treason
Should ever be forgot.
Guy Fawkes, Guy Fawkes, 'twas his intent
To blow up the King and Parli'ment.
Three-score barrels of powder below
To prove old England's overthrow;
By God's providence [or mercy] he was catch'd
With a dark lantern and burning match.
Hulloa boys, Hulloa boys, let the bells ring.
Hulloa boys, hulloa boys, God save the King!