How bad is it? Right-wing agit-prop and not particularly good at that.
Should you see it? If you believe what they're saying, you probably have already seen it. No one else need apply.
After a deluge of Michael Moore leftist propaganda came this backlash film that attempts the same comedic tone and manages a few chuckles among the spewed invective. Essentially, this film posits that Obama is a socialist that wants to bankrupt the nation for social programs. There's some cartoon impersonation of presidents that make some acceptable jokes. There's commentary from Andrew Breitbart, Steve Forbes, Newt Gingrich and Mike Huckabee that says nothing new. The final ten minutes is a paean to the Tea Party.
If you're reading this the day I post it, it's Election Day. Go vote.