the movie is indeed bad but there's something compulsively watchable about it. the opening scenes generate a pretty effective mood of uneasy dread, but the more you find out the less interesting it gets. Also the action scenes are really silly, and with the exception of one kill not very imaginative.
Quaid and Foster do a good job with the material though. The movie is only halfway watchable due to their performances and the set design. If you're looking for a guilty pleasure you could do far worse.