It wasn't horrible. The dialogue and acting in the beginning was atrocious- so much so, that I firmly believe it had to be intentional. The story was pretty lame, and I think that if they had actually put as much effort and thought into the script and performances as they did into the the fight sequences, that it might have been a good film.
As it is, it's just mindless fun. The fight sequences are very well done, and, in the end- that's pretty much what DOA was all about anyway. Plus there's some really good eye candy. (Funny, I never thought Devon Aoki was very attractive, having only seen pictures of her, but actually watching her "live" as it were- she's very good looking. And, of course, I love Sarah Carter. Holly Valance looks much better as a brunette, though.)