How bad is it? It's passable for kids, but it's dreadful for adults.
Should you see it? It has a cult following, all who were 8-10 years old when it came out. It's really just for them.
This is a reworking of Gilbert and Sullivan's "Pirates of Penzance," starring Chris Atkins (of "The Blue Lagoon") and Krsity McNichol. There's a ton of sexual innuendo, which the kids won't get and which will cause adults to cringe. There's also references to every hit movie of the previous decade. The songs tend to be good - compared to what else one finds on this blog - though "Pumpin' and Blowin'" is something you hope your kids won't learn and sing endlessly.