It's hard to look at the rating and say how good the movie is relative to others, because there's a rating inflation going on IMDB (and recent TV-series always tend to be rated crazily high). I.e. a 4.0 rating for a 1992 movie may be comparable to a 6.0 nowadays...
I think this movie is pretty bad, but as a fan of Stallone, it was funny to see him in what was a sort of parody of cop movies from that era. I found Estelle Getty to be a bit annoying (she looked much older than her part, amongst other things), although some of the things she did, my mom would do (like cleaning the gun in the sink).
I give this movie a 4.0/10 nonetheless. It might just be Stallone's worst; I haven't seen Rhinestone yet. Maybe I would have given it a slightly better rating 10 years ago.
. . . but it is a masturbate. This turd ranks below Oscar and Rhinestone. Do you REALLY think Estelle Ghetty would squeeze out a Stallone? A Bruce Willis, MAYBE, but not a Stallone. No man who can father a Stallone wound give her a creampie.