How bad is it? It's about high-school-play-on-camcorder level.
Should you see it? Tough call. If you liked other Mikels films, then go ahead and see it.
This sequel came more than 30 years after the original and returns Tura Satana (who's still fun to watch, but it looks like it was a rough 30 years) and, get this - the head of John Carradine (papier mache). Lizard-like aliens in masks that can't move have a plan to take over the world by turning people into zombies with their army of maybe 12 aliens with (obvious prop) machetes. Liz Renay and Brinke Stevens are in the cast, adding to the nostalgia factor. There's still too much exposition and the sets are minimal; the FBI and CIA are in the same building! There's a lengthy chase scene and more killing than in the original, but it's even cheaper, despite some CGI, being filmed on video and there are points when it verges on self-parody.