Yeah, I mean seriously - I have a feeling the pitch meeting was basically "It's like Mad Max - only this time it's in the Water!"
I think it was kind of an interesting setting, and as a b-rate sci-fi movie, I don't think it was that awful, really. Really, if they'd played their cards right and not tried too hard to make it a better movie than it was realistically going to be - they probably had a chance of turning it into an interesting franchise. I mean, look at Highlander - that wasn't that great a movie, either; but they were able to establish a pretty hard-core fanbase out of it.