The film hits all the notes of a B-movie horror classic. Messy/unbelievable gore, ridiculous looking monster effects, off beat dialog and out of place erotic scenes.
But the movie has some features that most B-movies don't have: Good acting, a plot that makes sense, a lot of funny moments(intentional ones), a good pace, great camera work and a well used score.
There is pretty much nothing to be scared of in this film though and it seems to just be making fun of or holding a candle to 80s horror films like Gremlins, Critters and Deadly Spawn.
Overall I enjoyed this film and would recommend it to anyone who enjoys monster movies(especially the low budget ones) or the comedy stylings of red letter media. But I wouldn't recommend it to anyone outside those groups. If you are outside those groups... lighten up and get into one of them.