Boobs and gore. That's all this movie is ever going to offer you. Actually, offer is the wrong word - "shovel into your face" is a more apt expression here. I honestly do not think a more disturbingly gory and gratuitously nudity-exploitative film has ever been made. Naked girls swimming in slow-motion in the ocean get interrupted with people being gnawed to the bone, getting their eyeballs ripped off, screaming in agony, and generally just bleeding everywhere. As a crazy over-the-top parody of Jaws, this works beautifully; just know what you're getting into beforehand, because this is a terribly generic movie otherwise. If you watch this, it's because you're with a group of friends, and in the mood for some insane gore and nudity in 3D. Honestly, you can't get better than this movie if that's what you're after.
In a sentence:
Unprecedented amounts of gore and nudity in the context of an overdone (classic?) killer fish story framework. Fantastic to watch with a group of guy friends.