How bad is it? It's an unfunny satire.
Should you see it? Sadly, no.
Robert Downey, Sr. had directed a number of good satires, like "Putney Swope," so this film with his son (Robert Downey, Jr., obviously) seemed like it should work. It was written by Martin Mull, whose humor, like "Fernwood Tonight" is sometimes funny as satire. The cast includes Dick Shawn, Jennifer Tilly, June Lockheart and character actors Pat McCormick, Eileen Brennan, Mel Welles and Shelley Berman. It even has perennial starlet Edy Williams. Unfortunately, the plot, which has documentary filmmakers being forced to shoot a porn film (Halloween in the Bunker), has few laughs. Mistaking "Lufthansa" for "Luftwaffe" is typical.