Ok, it's not an Oscar winner, but few films are. It is a campy flick, but it's not the wanna-poke-your-eyes-out-to-stop-the-pain campy, but rather in the realm of a guilty pleasure.
In agreement with an earlier post, this was not supposed to be a film that took itself seriously. Notably, the action was on par with any other martial arts movie being made, and the script had a bunch of smart-assy humor (which I must admit that I'm a big sucker for). It's meant to be a fun film, and that was the end result.
As far as a video game movie is concerned, it's not the worst ever made...Mario Bros is still the king, with Street Fighter in a close second, and Final Fantasy in third place. So you see, there are worst movies that have been made.
And folks, I'm not ashamed to admit that I have the DVD for this film in my collection.