The film is less of a ripoff than CRUEL JAWS (1995), but there are some similarities. And it had the same director, and some of the same cast that did ESCAPE 2000, featured on MST3K. Also WARRIORS OF THE WASTELAND, previously riffed through Rifftrax.
I'm amazed Rifftrax was able to obtain this one. I thought Universal had been preventing its North American release since 1981. I thought they bought up the film rights, but were keeping them out of spite. It would have been cool if they released a DVD under the JAWS name.
I would recommend people buy this as soon as possible, just in case it's pulled due to rights issues.