Remember that episode of Buffy the Vampire Slayer when Willow and her lesbian girlfriend went to that other school and became cheerleaders? This is that episode.
There's nothing amazing about this film, but there's nothing terrible either.
The cheerleaders are ok to hot and provide eye candy throughout. The hottest one even does an extended scene in a sexy pair of bra and panties. There's also a set of boobs that were clearly stunt boobs. (They swapped the actress out with someone willing to show their tits.)
The actresses all do a fairly good job, so no complaints there.
The actors, however... Let's just say this is NOT a feel good story about guys. The main baddie is actually an amalgam of every after school special ever made. He's just ridiculously evil and not a great actor either. I'm not sure if the director intentionally held him back early on, but brooding is his only emotional range until the end when the director clearly told him to go nuts. His minions are barely given any screen time at all.
The biggest complaint one would have about the movie is that it's never explained. You are just expected to roll with magic taking place with no explanation whatsoever. They never do a "we need to do this" or "if this happens, this is a consequence", etc. It's ok though because that kind of dialogue would have slowed the film down.
Listen, this isn't a must see film with amazing acting, but if you're a horror fan it entertained me, so take that for what it's worth.