How bad is it? It's one of the more enjoyable SyFy originals, which means it's bad.
Should you see it? If you're in the mood for a shark attack film, sure.
Unlike the standard SyFy shark film, where there's only the inherent cheapness and attack scenes, this film aspires to be a lampoon of Jersey Shore and it does a creditable job! Shore's Vinny has a role, as do other New Jersey Italian stalwarts like the Sopranos' Paulie Walnuts and Joey Fatone and even Paul Sorvino. The story has a drilling company's vibrations stirring giant albino bull sharks from the ocean depths to attack people. Interestingly, there were famous shark attacks on the Jersey Shore in 1916, so there's something to this idea beyond ripping off "Jaws," which is followed so closely that the mayor refuses to close the beach on July 4th. The guidos aren't just chum for the sharks, but they're the heroes, battling preppies, the drilling company and the sharks - which they attack with fireworks and shotguns. Yes, it's stupid and crudely made, but having extremely low expectations going into this, I was pleasnatly surprised.