How bad is it? It's a remake of a classic bad film, done worse.
Should you see it? Sadly, no.
The USA network proved with this film that they can make movies worse than SyFy. For one thing, they hired director Jim Wynorski, who can breathe entertainment into some bad films, but failed with this one. Shot on video, with poor CGI, this remake of The Giant Gila Monster fails to recapture the campy fun of the original. Two guys race cars, fight over girls and are about to have a showdown when a giant gila monster arrives with no adequate explanation. Then the hero, the sheriff and a veteran with an arsenal go after the monster. It's not completely unwatchable, but the best things in the film are original - whether the star of the first film given a cameo as a lizard expert or the vintage cars.