How bad is it? It's about what you'd expect for $7000.
Should you see it? I wanted to like this one, but... no.
This is true grade Z film-making and it's amazing that it got made because it cost only $7000 to make and is so high concept as to require CGI effects. Three researchers seek a legendary monster in New Hampshire, only to get killed by it; then the local townspeople hunt it down. The story was originally intended to be 10 minutes, but the director decided while shooting to make it feature length and wrote the script as it was filmed (on weekends, as everyone involved had other jobs) - and it shows. The characters are stock, the story uninteresting and the effects, involving puppets, computer graphics and a little stop-motion, are obviously no-budget. The DVD includes another short the director made and it's better than the feature.