How bad is it? It's the low point in the careers of all involved.
Should you see it? It's amusing, but not amusing enough, so I say no.
David and Scott Hillebrand have shown up on this blog before. They both get producing and directing credits here and the cast has Jaime Pressly, Nate Richert and little Ed Gale (as the monster). The movie's about a killer piñata! There's an island underwear scavenger hunt - I kid you not - when someone mistakenly strikes the piñata with a stick and it comes to life and starts hunting them down with the stick. The special effects are among the worst I've seen for a film made this century. There's water gun fights, port-a-potty jokes, bad music, pot smoking, there's failed attempts at humor and there's no dramatic tension or characters to root for.