The Nightline on William Gates and Arthur Age ten years after Hoop Dreams which was bumped by Pope news airs tonight. They also talk with filmmakers Frederick Marx, Steve James, and Peter Gilbert. The Nighline newsletter has more information.
It changed the view of many people about documentaries and helped lead to the current increased interest in non-fiction film. It was also one of the first docs shot on video and blown up to 35mm film, something that is common now.
PBS "retired" the Hoop Dreams website years ago (which was a mistake), but the Hoop Dreams Reunion page along with a transcript of the half hour show (along with additional material) is at archive.org.
After being out of print, Hoop Dreams will finally be available again on DVD in a Criterion special edition on May 10th.