There are some accurate things in it and there are some things that are so far off it isn't funny. They extrapolate things in that movie that just are not fact. They play off the fact that many people just don't understand quantum physics that well. read the academic reaction on Wikipedia for a more through explanation.

[URL unfurl="true"]http://en.wikipedia.org/wiki/What_the_Bleep_Do_We_Know!%3F[/URL]

Here's a good break down of the insanity of the movie:

[URL unfurl="true"]http://skeptico.blogs.com/skeptico/2005/04/what_the_bleep_.html[/URL]

I fell for it back in the day when I knew nothing about quantum physics. It inspired me to research the subject in more depth so I owe it that much as it has always since been a passion of mine. Every time I mention quantum physics anywhere inevitably a handful of people pop up and ask about the wonders of this movie and I am forced to be the ass that has to ruin it for them.