I happen to like miniature FX when done well and while this movie sort of tips its hand that you're looking at miniatures, I liked the overall visual feel. I think some of the FX were probably handled with very early CG mixed in (if anyone knows I'd be interested to know). There are some decent "dog fights" between the spaceships and a few good action sequences.
Overall, where the movie's lower budget showed through in my mind, was with the audio and acting. The one thing that can'e be chalked up to it having been done over 20 years ago is the acting. At times it just screams "B-movie!", but as another reviewer said, that adds to the charm. If you like older sci-fi and movies with their own stylized atmosphere, you'll probably enjoy this film.
Review by hocfocprod from the Internet Movie Database.