I thought personally that this was absolutely horrible the first time I heard about it. I was in Taipei at the time, and the exhibition was doing the rounds there. Some friends wanted to go - they went without me.
I think it's horrible. On the other hand, that's a gut reaction. People donate their bodies to science all the time, and one could argue that an exhibition like this serves to educate the public about human anatomy and physiology.
Counter-argument though, would be that the art is a visual out of context. A med student disecting a cadaver has background, lectures and everything to give him or her that context, but really, going to see something like this is just "shock value", really.