How bad is it? It's pretty bad, indeed.
Should you see it? It's really hard to find and isn't worth that much effort.
This was reportedly made by porn producers who wanted to cross over into mainstream via horror. A guy released from a mental institution attacks nurses, hog-tying them and slicing their backs open to revel their spines (but you don't get the gore shots you'd expect). It has the flaws you'd expect in a shot-on-video slasher of the time: both overacting and underacting, a confused plot, some nudity (including an uncomfortable rape scene that doesn't fit the rest of the film) and some gaffes (it appears some lines had to be re-dubbed and they don't sync at all). It might appeal to aficionados of the genre.