This is pretty good. I mean, it sets a good scene, and the suspense when it finally picks up is good. The downside is the pacing. The movie goes along very slowly and of the playing time of around 90 minutes, I'd say 65 or so was dry, boring moments. That aside, the acting is pretty lame -- Catherine Hicks and Alex Vincent are the exceptions. But Maggie's fall out of the window looks particuarly fake.
All that aside, the movie is good. I mean for a late 80's flick, the SFX deliver pretty well. Chucky looks a little less realistic than in the next couple, but he really is spooky. The movie was a good concept.
A good starter to a great series. Yes, you should rent or buy it.