It is laughably bad, almost entirely throughout. But, I love it. Many years ago a few work colleagues and I used to convene once every few weeks for a bad movie evening. First evening I attended, I brought dvd rips of Star Crash and Jesus Christ: Vampire Hunter, plus a VHS copy of Rat Pfink a Boo-Boo and all three went down a storm. I've had a soft spot for those pictures ever since, plus many of the other movies which made us laugh the most: Ultrachrist!, The Creeping Terror, The Dinosaur Chronicles, Bride of the Monster, The Star Wars Holiday Special, and of course the mighty Plan 9 From Outer Space, a movie I love so much I don't even really see it as a bad movie any more.
All that said, Caroline Munro looks gorgeous throughout the picture, and she's in almost every scene.