Ok, let's get this out of the way first: As a piece of cinema, Lifeforce is rubbish. As a bit of cheesy entertainment for SF buffs, it's got a lot of merit. If you enjoy watching those old black and white SF B-movies - giant mutated spiders/ant or alien monsters wandering around the desert - you really will get a kick out of Lifeforce.
Bad things: The story makes little sense and the acting is pretty poor. Good things: The special effects are halfway decent; it has a welcomingly different British centered story (it's set in London) which gives different feel to most SF movies; and it has the well-endowed Mathilda May (amusingly billed as "Space Girl") wandering around stark naked.
In short: it's fun.
I've seen it half a dozen times now, and every time it comes on TV I make time to watch it - admittedly this is partly to do with the naked Ms. May - but it's also to do with the enjoying a bit of unassuming and silly SF.