How bad is it? It's a pathetic remake of a classic.
Should you see it? It's not essential.
This is a partial remake of Tod Browning's classic "Freaks." A waitress marries the owner of a sideshow, has an affair with a carny, the husband kills the carny and goes to jail. When she takes over the show, she fires one of the workers ("Shorty," played by Felix Silla, who was Cousin Itt on "The Addams Family") and they turn her into one of them. It goes from sleazy to campy to suddenly over (as if a reel is missing). Even the freaks are second-rate. The carnival barker was played by the producer, Dave Friedman. A better film to see is the similar "Mutations" from 1972.