From strictly an entertainment point of view, this movie is surprisingly solid. For a B movie these guys put a ton of time, effort and (likely) money into the special effects, which even by today's standards exceed what you'd expect of a movie in this genre. In 2003 this clearly took a monumental effort.
That said, it's pretty much nonsense, although not as sexualized as one might expect. Lots of toplessness and a modest amount of full nudity, but not a single sex scene. I know what one expects to get with these films, but it seems like the nudity was intertwined with the production rather than vice versa. A lot of goofy sight gags (shooting lasers out of a metal bra) and that kind of stuff, and without the superlative special effects and top-shelf extras (there are deleted scenes, etc., that you basically never get with releases in this genre) this probably gets two stars. Although these girls were hot back in those days. Pontoon-chested Julie K. Smith is a personal all-time favorite, and Sasha Peralta is flat-out gorgeous--I always felt that she was underutilized in the B movie industry. Regina Russell has a killer body.
So if you're looking strictly for sexual titillation, you're probably going to be disappointed in "Baberellas," and if you're looking for great cinema you certainly will be. But if you're looking for male-aimed entertainment for an hour and a half, this movie is worth a look.