How bad is it? For Xmas slasher films, I think it borders being average.
Should you see it? Yes, perhaps in a seasonal slasher flick festival.
A maniac mutilates bell-ringing Santa Clauses (actually, Father Christmases, as it's in England), because of seeing a Santa push his mother down stairs as a child. There's a spear in the mouth, a cleaver in the face, a castration, several knives in stomach, burning, shooting in the face - I think 14 killings in all. There's decent suspense, especially in the London dungeon scene, but otherwise clunky direction; the director also plays the impossibly stupid police inspector. Caroline Munro makes an appearance and Pat Astley gets topless repeatedly. The killer's identity is never revealed, which is a bit of a let-down.