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I'd generally put this film squarely into the lump of horrible and utterly snoozefesty Sy Fy/Asylum staples, but the redeeming quality here (insofar as it can be counted as one) is that it's audacious and bonkers. If it had better effects at all, the actions sequences would probably be fun as well, but that's probably the true low point: you'd think seeing a shark the size of a tanker taking on a battleship should be brilliant, but it's ruined when the whole thing looks like someone upgraded the TRON graphics by a few percent.
However, that being said, I would highly suggest finding a couple of other people who can have fun snarking at a film - and letting it rip. It's a great way to spend a Saturday night, provided you've got something lined up afterward to revive the brain cells that will have died.
This is, by all accounts, a terrible movie. If watched on its own, it won't even be So Bad Its Good. Where this film shines, though, is when it is used during a social occasion. If you watch it with a friend or two, preferably if they have good senses of humour, the film can quickly become hilarious. The movie is excellent fuel for snark, and can therefore provide a great deal of entertainment.
That said, if you watch it either alone or with people who take films seriously, you're going to waste your time.
Laconic version: Bring a friend, snark away, and enjoy yourself.
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