not great but not awful either.

People will say this is an awful film,I don't agree,I just watched BODY ARMOUR (also set in Spain oddly enough)and that was an awful film.

COLD LIGHT OF DAY is not a great film,the plot is fairly easy to predict and there is no great acting,but it is filmed in Madrid and the city looks great,I recalled being in the old square seen near the start of the film.
One complaint I would have is that the Spanish police (greatly experienced in counter terrorism)are shown to be slow and sloppy,and lots of people in Spain speak english,especially in tourist areas,but I guess to keep the plot going it has to be unrealistic.

So I would not advise you to go out of your way to see it but if it is on tv and you want an action film it will fill a need