AVP is terrible only if you are a huge fan of the series - the many disappointments, flaws and contradictions in the movie make for one hell of a downer, especially considering that you have spent the better part of so many years wondering how the huge clash between the Alien and the Predator would turn out.
Basically, for those who haven't watched much of the 2 series, AVP wouldn't be so bad. I mean there's action and all. My one main problem with it was there was too much development, that by the time the action kicked off, there was too little time to showcase the fights and all. The movie lasted a grand total of only 90 mins, and i felt this was way too short for such a big movie.
All in all, i was thoroughly disappointed as my vision of Alien VS Predator was much much bigger and better. Paul Anderson really screwed this movie up.
Ciao,
Tim