How bad is it? It's stupid on a level you have to see to believe.
Should you see it? Yes.
This is from the director of Stan's Cheerleaders, who also gave himself a cameo. A cat from a science experiment gets aboard a yacht with Wall Street bad guys Alex Cord, George Kennedy and Clu Gulager, plus kids on spring break (hey, it could happen). The mutant cat emits a poisonous rodent-like puppet from its mouth as it attacks. Cat attack movies (like Night of 1000 Cats and The Corpse Grinders) are amusing because cats don't do what they're told and people have to work hard to pretend they're being attacked. Add a bad premise and a puppet and you have this film.