Chutzpah! This is the charm and humor of Sasha Baron Cohen’s characters, all three of them. I am amazed that he is able to do the things he does with a straight face and get away with it.
Everything else, the issues about Antisemitism and all the other bigotry that Borat uncovers, are disturbing and alarming. Yet for me they only add to the chutzpah of it all. To say that it is satire and commentary of our society is to give him too much credit. It exposes things that are there and that is important but it also clouds and misleads by depicting Kazakhis in a backward, disparaging and entirely fictitious way. So, the film and the shows have a social justice value that is just about even at zero I would say.
So, as to all the people who have been hurt and embarrassed by Borat and Ali G it is all just a big joke. Don’t take yourself and these characters too seriously. Antisemitism and bigotry are out there and Borat will not contribute to its increase nor its decrease.

now MORE people from the movie are trying to sue him: http://abcnews.go.com/WNT/story?id=2647648&page=1

The only question in my mind about the Frat boys: were they drunk when the signed the release forms? Some articles imply yes, others imply they were signed when sober, and then they went drinking. In which case, I don’t see their argument. Of course they were misled to say stupid stuff. That’s the whole idea, as it was the idea behind Candid Camera which was a huge success for decades.
Of course, there’s a tradition of getting college students drunk and having them sign release forms. It’s called Girls Gone Wild. This time, it was done to some boys, and they weren’t even asked to remove their clothes.
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the issue about the impoverished people who were paid only 3 pounds to be in the opening and closing scenes — and completely humiliated – this bothers me.

Check it – Borat is speaking Hebrew in the “Interview with a Jew”