Many elements of this movie weren't bad in concept. I can hardly fault the acting, campy style, special effects, or even the plot. Unfortunately, the movie fails in directing and editing, which trumps all the others.
For example, the plot is basically Species, but the writing was horrid, and the characters were not believable as a result. Are you going to believe that a college kid is still flirting with a space alien after he's seen tentacles? No.
Same for the special effects, the tentacle effects could have been great if they slowed them down by a factor of 10 or so. Again, just bad directing on that.
It all makes you wonder how the crew burned through $5 million; they certainly didn't pay the writing and editing crew anything.