How bad is it? It's in the IMDB bottom 100 for good reason.
Should you see it? It's terrible, but it's not unwatchable. That said... no, don't see it.
I think the biggest problem with this film is that people go into it expecting that it has something to do with the Bruce Willis "Die Hard" series. It's a low-budget vampire film that actually looks pretty good for being low cost. The one innovation in Dracula lore is that he flies in his very unaerodynamic closed coffin. There are multiple problems, such as no one finding it odd that the main character has blue skin, but it has some plot and characterization. What it doesn't have is anything to hold one's attention. It's just too dull.