Seen this yesterday... I got to watch it with very low expectations, but eventually it didn't look that bad. Actually, as someone else has commented, the episodes aren't even bad if taken singularly, but they don't merge together very well. I even liked the horror/gore elements, but the "mood swings" inside the film were a tad bit too abrupt to really appreciate that. Like, when Stubby finds out Clem's body - and we know what kind of HUGE taboo has been broken there - we cut to him and Bunny simply walking out of the ghost town, happy together. While there is still an eerie feeling to that scene (is it just Bud looking at them running from a crack in the wall to another, or are there really dead people looming?), the previous revelation doesn't have the time to sink in.
Still, I liked the overall decadent feeling of the movie - and as everybody else said, Milian just owns it. And double props to him because, looks wise, he really looked like the spawn of an unholy union between Jack Sparrow and Nico Giraldi (aka two of the most not!creepy characters ever) still he managed to be scary as hell. The whole peyote scene was indeed a very bad trip.
I also have to say I got a bit misty eyed when Bunny died and all the men gathered around the newborn baby. What can I say, I am a sap at times. :
...And then it ended with a dog. WTF? ;D
In a nutshell: I didn't find it unwatchable, but it's quite a bit of a rollercoaster in terms of quality. It's like having a palette of nice colors, but they don't really go together very well.