How bad is it? As T&A, pretty good; as a horror flick, very bad.
Should you see it? It's a minor fun bad film; yes.
This is a Roger Corman special - after finding out that a Russian film company was going out of business, he used their sets for locations and made a movie based on what he had available, in this case making a version of a minor Bram Stoker novel (which, like "Lair of the White Worm" shows that Stoker's almost as hard to film as Lovecraft). Stoker himself is taken captive by the queen of the rats and her thong bikini wearing followers. Adrienne Barbeau gets to guillotine a rat for dancing out of step. Best line: "Better to be taken by rats than by a man!" There's a ton of nudity, mostly by women you've never heard of, though Maria Ford does a long nude scene. Linnea Quigley and Nikki Fritz make brief appearances. It's fun, kind of like "Cannibal Women in the Avocado Jungle of Death," but nowhere near as good as that film.