How bad is it? Not as bad as the 1979 version.
Should you see it? It's only for fans of Albert Pyun films.
I'm guessing that most people who read this have seen this film already. I, like many others, confused it with the 1979 TV film with Reb Brown. This one attempts to stick fairly close to some aspects of the comic book story, but it's obvious that the money ran out shortly after filming the first action sequence (which isn't terrible). The story, for those not into Captain America in general: after the Nazis create a supervillain named Red Skull, a polio victim agrees to experimentation to help the war effort and becomes Captain America; our hero stops the villain's plan to blow up the White House, but ends up frozen in the Arctic for 50 years; now he's needed again as Red Skull (no longer looking freakish) has kidnapped the president and is planning mind control. It's not a complete waste, but it does have some problems - the prosthetic ears on the costume are obvious and distracting, the town's name is misspelled in the newspaper, all the villains are eurotrash (one of the more enjoyable bits), and at one point Captain America resorts to fleeing on a bicycle [and by the way, why don't bullets seem to hurt him?] There are roles for Ned Beatty and Darren McGavin and a cameo by Bill Mumy.