Blood: Is that good bad or just bad bad?

So I started watching Blood last week, and couldn't contain my laughter all the way through episode 1.  There were so many moments of utter hilarious delight, although I don't think they intended for that to be the reaction.  But there it is.

I know they are trying to be funny at times, but those aren't really the times that are funny.  But there is a lot of compelling points to the premise and plot... and then there is the bad special effects and overkill efforts to look cool and bad-a... well... do they equal out?  Is this an entertaining "good" bad show, or is it just bad bad, the kind you only watch when you're in "that mood?"