Okay so I finally saw this movie... you know what? Definitely not bad.
Definitely not. I'm not sure how anyone could call this movie remotely as awful as, say, an Uwe Boll film. Or even movies like Mortal Kombat: Annihilation or Dead or Alive.
That having been said, what it is, is... kinda bland. It's boring, because it tries so hard to make the world of Street Fighter be taken seriously and have more realism behind it, and I'm not sure that's the right direction to go.
So yeah, I definitely don't comprehend anyone thinking this movie is "worst of the year" material, or even "utterly awful" material. At its worst, it has a couple scenes that are lame. The worst one is easily the one you can watch on RottenTomatoes and IGN, called "His Name's Bison" - that's the low point of the whole film, but in the actual film, those flashes of Bison are NOT in the movie - just the shots in the office!
But overall, Street Fighter fans will appreciate how much it tries to connect to the stories of the games and offer references to game plotlines. But even those fans are likely to feel a bit blah about this affair - despite some great fights and geek refs, it's just pretty boring and slow. And if you're NOT a fan of the game mythology... well, bring a pillow.
In short - much better than the director's "Doom," and a lot more faithful to the games than the '94 Van Damme film. But it's not gonna break most people's opinions of video game adaptions either.