The reaction at my university is revealing.
On the one hand, a very large segment of the student body (mostly grad students) see it as a means of speaking out against patently unjust blame-the-victim mentality. It's an exercise in empowerment, and an expression of dissatisfaction with the attitudes held by many (though clearly not all) law enforcement and judicial authorities. No one asks to get raped.
On the other hand, a smaller segment, mostly younger undergrads, is seeing it as an exercise in blind sexual promiscuity. I think this, if anywhere, is where the movement's gone wrong: the title "SlutWalk," at least at my alma mater, has been taken, by some, as a license to engage in drunken, irresponsible, destructive sexual behavior--the kind that spreads disease and encourages college girls to gauge their self-worth based on the number of frat boys they sleep with compared with other women. That interpretation is an exercise in disempowerment, in women being redefined solely by their physical value to men. It's also dangerous as hell, on so many levels.
But then, there are people who will misconstrue any movement, regardless of the title. But the title "SlutWalk" is really begging for abuse.