I saw it today and it was way better than you'd think, but still not great.
I didn't come out wanting my money back so it wasn't horrible, but it did suffer from a really bad script and some bad costuming. Let's just put it this way Billy Zane wore a wig that looked like they pulled it out of a dusty corner of the wardrobe dept. and tossed it on his head a second before the director said action. I've seen better costume work in a High School play.
It did have some decent action though that made up for some of it's shortcomings. Atleast go and give it the MST3K treatment. Plus it has Meat Loaf in it as a vampire.