This became a bit of a cult movie because it was never released - they made it then someone paid a few million to ensure it was put away so it wouldn't spoil a deluxe version. That's a bit mean IHMO - this was no masterpiece but is completely fun, if judged in the context within which it was made, i.e. as a bit of straight to video fun. I think if I saw it when I was ten I really would've liked it.
I don't want to overpraise things - it is pretty hokey, and does get worse as it goes on. The plot felt needlessly complicated, the special effects and make up felt cheap when they really needed to be great. There's a slightly distasteful subplot about a dwarf. The romance between Reed and Sue is very quick. The level of camp is high.
But Alex Hyde White is engaging as Reed and Michael Bailey Smith good as the thing. Jay Underwood is a little wonky as Johnny but Rebecca Staab as pretty as Sue. The script isn't bad, there's a degree of intelligence going on, and it's quite sweet.