I've always thought this would make for a good conversation piece/curriculum movie in a philosophy class, specially existentialism. What do you guys think?

"Waking Life" with the capital for Life leads me to assume you are talking about awakening something that is asleep. To awaken Life.

A common existentialist concern is for each individual to own and confront their own experience in order to grow out of a state of sleepwalking into full awareness of the world as it truly is. This inevitably involves a death of ego which is perhaps the least desirable, most painful (physically and mentally) and frightening thing facing any human, yet it is through this that real life is achieved. A massive conundrum that all experience but seldom recognise. It's more comfortable to be ignorant of self and blame the 'other' for lifes tribulations.

If this is what you mean, of course it's worthwhile.

I understand that Ibsen, Bergman, O'Neill, and others struggled honestly to find an understanding of their selves, and used the theatre (though Bergman also filmed his plays) to 'discuss' such matters with the world.