How bad is it? It's 1940's bad, done in the 1980's.
Should you see it? No.
Most of the people who have seen this - and hated it - saw it because it was advertised as a Sandra Bullock film; she has an important five minute scene for her screen time. She's also the only actor. Former boxer Jake LaMotta and Dog Thomas (who has mostly technical behind-the-scenes credits) are more important to the story. That story, by the way, is nonsensical, but is good guys vs. bad guys. Renegade CIA agents dressed as cops, EMTs and firemen, get to use a LOT of squibs and blood packs in bad action scenes. In one scene, a guy falls to the ground from a shot - and THEN the shot is fired. One special effect is a gun taped to the camera. This seems to have been made by guys who watched cheap films from generations earlier and assumed that audiences today would accept the same flaws. The film has some very good ratings, but I think it's not from people enjoying the awfulness of the film, but as some concerted effort to keep a Sandra Bullock film from being listed as one of the worst.