How bad is it? It was written by Ed Wood, Jr. - so it's not good.
Should you see it? Yes.
I absolutely loved this film the first time I saw it and then I saw it with a group of friends who weren't into bad films and it became excruciating. Four teen girls hold up gas statons, molest men, have a pajama party (!), get hired by communists (!!), trash their high school and shoot a cop. One girl's response to everything: "So what?" is heard repeatedly. There's a very long speech by a judge in a very small sparse courtroom that is full of the typical Ed Wood rambling circuitous bizarre moralizing. To end the story, one girl dies in prison while giving birth.