The good news: It's much better than The Horror Show.
The bad news: It's still not that good.
I feel like this review is a bit skewed. If I hadn't watched The Horror Show before, this movie might not seem quite as good. But I couldn't help but notice a much more slick direction, a more focused screenplay (though it does get a bit ridiculous), and better acting across the board.
Sure, this movie is cheesy, but I had fun. The movie didn't rush into the electricity angle and once it did it didn't seem too serious, so I didn't take it as serious as I have taken other movies. I liked how the movie took the first half to sort of establish the characters, even if a lot of murders and mayhem happened. It helped set up a lot of the crazier stuff that happens later (like jumping in and out of TVs).
The only big problem I had with the movie was that it was too long. 80 minutes would have been just fine, but it's about 20 minutes longer than it really needed to be. I liked some of the goofier stuff about this movie, and I never expected a classic (though Wes Craven seemed to be trying to recreate a Freddy Krueger character), so I enjoyed it regardless.
At the end of the day, at least it was better than The Horror Show (they came out the same year). I think viewers need to have a bit of an open mind and know which Wes Craven they're getting. This isn't Last House on the Left/Hills Have Eyes era Wes Craven. This was People Under the Stairs/Serpent and the Rainbow era Wes Craven. Know what you're getting in to and you'll be less "shocked". Oh, the terrible puns.