A mixed bag.
On the positive side, it was written by Clive Barker and has a number of his recurring themes and ideas. The central concept of a drug that externalizes the ugliness of addiction is quite compelling and had a lot of potential.
The colors, costumes, and atmosphere are otherworldly and impressive when you consider the low budget.
Denholm Elliott (from Indiana freaking Jones) is one of the villains and really helps elevate the film.
Also, the soundtrack is better than it has any right to be. It was done by a synth-pop-rock band called Freur. Interestingly, Freur later changed their name to Underworld.
On the negative side, many of the actors seem to be sleepwalking their way through the film. It's no wonder because the script does not include character development. There's a handful of clever lines but nothing to make you connect with any of these zombies. Many characters make impossibly dumb decisions in service of the plot.
At the end of the day, it's both underrated, and you can skip it.
