How bad is it? It's a cheap shot-on-video slasher.
Should you see it? Probably not.
This is an odd one. A detective and talk radio host track down a killer who cuts the letter "M" into his gay victims. It's quite grisly and it references "Psycho," "Killer's Kiss," "M," and "Talk Radio," so its makers know good film, but there's also a lot of dated propaganda against AIDS. The kills are done fairly well, but the film plods and the individual scenes are hit-and-miss; there's a good scene in a mannequin factory (that also references something, but I can't recall what), but the final reveal and explanation are terrible. There's a castration in a public restroom stall that will stay with you for a while. Kind of a mixed bag, overall.