I love cheesy disaster movies, and found this one to be not so-bad-it's-good, but better than I expected.
It's good enough for me to wish it had been better, mind you. I think it maybe needed some more money thrown at it. At any rate, they did well with what they had.
It has decent acting, even some pretty good acting. The special effects range from not-so-great, to quite convincing.
It's full of interesting ideas, and things that I haven't seen in other movies, including blockbuster 'Hollywood' type movies.
Not a waste of time!