Bias alert: I used to earn my living working with rodents and I have a special affection for this flick. Like the other reviewer I really think it's the culmination of the genre, the ultimate giant-rats flick which should be taught in film schools and according to which others will be judged one day. It does for HGWells what REANIMATOR did for HPLovecraft--sets it in a modern, not-unrealistic-looking university, updates the science and politics a bit, adds sex, and makes it gory. Overwhelmingly, hilariously, gory.
Another reviewer said the original FotGs was better, but in this one, a horny kid about to score gets his genitals bitten off. And there's a synchro-swim scene which is a masterpiece from any point of view. If you need to leave the couch at the beginning of that scene, be sure to pause it. (That's not really a spoiler because like in Greek Tragedy there's a sense of inevitability from the beginning. You know what's coming.)
Fans of "Friday the 13th, the Series" (in other words, beautiful people with good taste) will recognize several Canadian villians in the cast, particularly the great Colin Fox, who played three villians including the one who actually killed Micki. He also played Nero Wolfe's chef.