It hugely depends on the context, Terry. I remember it being sung by the Dubliners and other Irish bands, and you'll find it in collections of "Irish rebel songs" too, where it can come over as being seriously anti-British. Just take a quick look at some of the comments under the Youtube videos of it - unrepeatable here!
( I hasten to add that I have no political axe to grind, so don't shoot the messenger!)