Surprisingly good. (Spoilers)
Yeah, it's dated, it's from 1978. But it has a gritty, tarantino-esque, realistic flavor to it. (I think True Romance was partly based on this, in several respects. Tarantino used to work at a video store, watching lots of films, I'm sure this was one of them.)
Moriarty was annoying, as usual, but let's face it -- many people are dumb and clueless like him. He was sure he was "doing the right thing," because of the money involved, but didn't think it through. Ray Hicks was a cool anti-hero -- tired of taking *beep* willing to fight for a live worth living.
The early torture scenes were very realistic/disturbing, as was the depiction of actual big-time drug dealers -- willing to kill anyone to increase the profit margin.
Film is flawed in many ways, but also very watchable. No regrets about watching this, unlike many films I see today, where I just want my two hours back.