I saw this at it's NY premiere this weekend and was pleasantly surprised by it. According to the director it cost next to nothing to make; with the cast working for credit alone and the director doing all the filming, mixing, and editing himself. This shows in the minor flaws of the film, but that doesn't distract from the movie itself.
The shinning moments in this are really the dialog scenes. Like in Scorsese's "Mean Streets", you get a real fly-on-the-wall look at the down time of the characters. They riff off each other in, what appears to be, great improvisational styling. Several of the cast really shine and the casting choices made for the characters are dead on.
The film flies through at a brisk pace and has plenty of action sequences. Yet, they seem to fall a little flat in the choreography. Still, you can tell by the passion of those involved that they wanted to make this movie the best they could, and they really do try hard to accomplish that.
It's not a perfect movie, but it's worth a look as I would expect a few of the people involved with this to go on to bigger things in the future.