How bad is it? It's terrible for political reasons, but its construction is adequate.
Should you see it? Yes, it's of historical interest.
A scientist, using a machine confiscated from the Nazis in the war, has contact with a society on Mars. The news he gets has tremendous impact on Earth, as announcements are made that lives can routinely be extended to 250 years (insurance, annuities and pensions all collapse), Martians have 100 times the yield per acre farmed (ruining the agricultural economy), etc. Then it's discovered that it's really just communists pretending to be Martians. And then... real Martian broadcasts show that God is on our side, that the communists can't be trusted and the Russian Orthodox church overthrows the Soviets in 12 days. It's pretty bizarre and could only have been made during the McCarthy era.