This movie needed more focus. It's too padded out, even at just 96 minutes. There's a real confusion about what the main thrust and characters are. It's like they had two ideas of how to approach this and smashed them together.
That said, talking about a C-movie The Thing ripoff like a real movie is a bit of a fool's errand.
There are definite problems, and the movie is a little too good to really be BAD enough to be a TON of fun, but there's a definite fun factor and the slimeball effects are cool.
I think had I stumbled across this at like, 12 years old I would have gotten a ton from it, but even as a jaded, fun-hating 33-year old, I had fun with the effects and some of the cheesy performances (like the corporate villain) to make this a totally worthwhile romp.