How bad is it? Pathetic plotless pastiche.
Should you see it? Oddly, I'm saying yes, as it's the best of later Jackson/Shaw films.
Donald G. Jackson will forever be remembered for Demon Lover/Devil Master. Later, he teamed with Scott Shaw for a series of "zen" movies, made without creating a script. It shows. At one point, you can see Robert Z'Dar glancing at his lines, which, not having a script, were probably just an outline. Shaw plays a sort of intergalactic bounty hunter (named Jack B. Quick - no relation). Julie Strain and David Heavener wander around. There's a goodly amount of toplessness. There's a scene that's just minutes of weapons being fired (the box advertises "millions of bullets"). The actual monster is fairly well-made, which is why there's a bunch of Shaw Chupacabra films, including a sequel to this one. The story goes nowhere and there's no character development [this is why you write a script, guys]. Joe Estevez easily steals the show as Ranger Danger.