aka Interceptor Force, aka The Last Line of Defense, aka Interceptors, aka Predator 3: Interceptors
How bad is it? It's a typical "Predator" clone with a poorly-done monster.
Should you see it? If you're a fan of the cast or you have nothing better to do.
Olivier Gruner has made an interesting career as a low-rent Jean-Claude Van Damme and this film is one of his more entertaining effotrts. Brad Dourif, Ernie Hudson and William Zabka also have roles. There's a special team that finds that their fighter jet recovery mission is actually an extraterrestrial hunt and they end up being killed off by the alien one by one; if they don't succeed in time, the whole area will get nuked. The alien is very bad CGI (even by 1991 standards), everything goes so predictably that it's amusing and there are some jaw-dropping errors - such as outrunning the shockwave of a nuclear blast.