How bad is it? Depends on your tolerance for talking dogs. Somewhat below average.
Should you see it? No.
There have been far too many films with talking animals since "Babe" and far, far too many films about Beverly Hills, so this film was a natural to be made and has spawned two sequels. The entire plot: a pampered pooch gets lost and needs help to get back home. That lack of originality, along with stereotypes, makes the film drag. Andy Garcia, George Lopez, Cheech Marin, Paul Rodriguez, Placido Domingo, Edward James Olmos and Luis Guzman - all very different actors of different backgrounds - end up being very much alike. Piper Perabo, Jamie Lee Curtis and Drew Barrymore, the major characters, aren't great voice actors and point out that the casting only went Hispanic for male characters.