Not that bad...
I saw this movie when it was in the theaters, being only like 11, it was just fun to see. After rewatching it 12 years later, it really isn't all that horrible. The plot sucks, the characters are paper thin and the acting, horrible. But you can see the good intentions they had what with including a butt load of characters... rain, jax, motorro, jade, kitana, nightwolf... etc. Albeit brief appearances though. The movie as a whole was mildly entertaining but nothing compared to its original.
I would give it a 4/10 today.