Saw this on Netflix and had to watch it.
Based on the video game, but not. Jack somehow turned German, there's an evil doctor in charge of the island, the mutants aren't as mutated, and there's an army (really two) on the island supporting the experiments. Oh, and there's a new character named Emilio who is honestly pretty entertaining.
Other than that, they follow the game's setup. Jack still gets hired by the reporter to go to the island, and he's still the hero.
A B movie in every sense, but entertaining. Lots of action, horrible acting (but it's ok because this is mostly tongue in cheek), a very basic story, good enough to pass effects, some funny moments, etc.
I would never recommend renting this and just sitting down to watch it, but if you've got Netflix and you're working on the PC, playing a game, making dinner, cleaning, whatever this is a good flick that you only need to pay attention to occasionally.
4 out of 10 (if taken seriously), but a decent 6 if you look at it as campy fun.