I saw this in theaters in 2003. Everyone I went with was excited for Johnny Drop and Antonio Banderas. we were big fans of Desperato and El Mariachi. Then we watched this and left annoyed. It was so cheesy and the story didn't exist. I just researched a clip and it is truly stupid. Rodriguez has his good movies and this ain't one of them.
I didn't even know this movie existed until recently, for ages I've been wondering if El Mariachi would ever get a blu-ray release and every once in a while I'd check. It finally did, along with the other two parts of the trilogy. I knew El Mariachi and Desperado, somehow I don't recall ever hearing about OUATIM. I must have heard of it but had no idea it was a "Mariachi" movie. I'm a little over half way through it right now. It's definitely a bit more over the top and sillier than Desperado, which was definitely over the top and silly. So far nothing has made me think "awful" or even just plain "bad," but now I'm bracing myself...
Desperado is the best. OUTIM had some good moments but was pretty disappointing. I'd say it's worth watching for Johnny Depp's performance alone. It doesn't save the film but it is entertaining as hell.