I just saw this movie for the first time.
I brought this film on the cheap over Amazon last week.
It wasn't as bad as I expected. Sure, the idea was completely ridiculous, and there were various bits that were more funny than scary. (See Leprechaun on a bike, in a toy car, in which he later converts into a quasi-tank type contraption), but I thought it was a fun film.
But compared to what I was expecting. I mean a lot of horror films the acting is a lot, lot worse then this. And even the naff scenes worked. It wasn't too gorey, so you could watch it with friends who don't like too much blood.
Not an all time classic, but I've seen worse films I must say.