I seen all of Curtis's films and recently rewatched "The Power Of Nightmares." Just on an aesthetic level, I was really impressed by the ironic use 1950's archival footage. As far as the message of the film, the idea that politicians create neccessary illusions of enemies to win over the masses, I found it to be fairly apt in the case of the Soviet Union. The film explains that conservatives conquered a phantom enemy when the Regan administration took credit for toppling the USSR. The USSR was crumbling from with in more than anything else (decrepit leadership, stagnant economy, grass roots uprisings). Then, when those same conservatives needed a new phantom enemy, the turned to Islamic terrorism. I think this assertion is a pretty good one.
If anyone disagrees, and has a suggestion for another documentary to watch as a counterpoint I'd be grateful if you could drop the name.