How bad is it? It's a disaster (sorry for the cheap joke).
Should you see it? No.
One of the worst films released by The Asylum, who have been making turkeys for television for a while now, this has a replica of the original Titanic being sent out on the 100th anniversary of the sinking of the original. Then a tsunami hurls an iceberg at it at the speed of sound. The ship is a mess, using footage of the Queen Mary as well as Titanic, plus cheap CGI and interiors that obviously are not on a ship (concrete walls). The acting is abysmal - I was rooting for people to get killed off early - and the extras stumble unconvincingly with post-production sound effects. The storm seems to pick and choose what it damages.