How bad is it? It's a typically bad shark attack flick.
Should you see it? Yes. It's one of the more entertaining typical shark attack flicks.
Just when you think there's nothing left to the shark attack franchise on SyFy, they throw in Mafia, the Knights Templar (a bit Indiana Jones, a bit DaVinci Code) and Stephen Baldwin. The plot doesn't make sense, there's continuity problems, there's stock footage and recycled footage from earlier shark films... and there's Stephen Baldwin. On the plus side, there's plenty of action, including chainsaw-wielding ninja stunt bikers. None of the film was made in Venice. It's terrible, but it's what shark flick people will enjoy.