It's been interesting revisiting this movie. When I first saw it, I was considerably younger and watching it primarily for kill scenes and Pterosaur attacks and whatnot. More recently I watched it focusing on story quality.
This movie is one of those movies where the title threat appears out of nowhere with no real explanation; something that causes me to think of older b-movies like "The Giant Gila Monster". But I guess in the context of movies like this an explanation isn't really necessary.
Like many Sci-Fi Channel movies there's human villains, but this time the main villain seems more like a plot point than a constant antagonist; as a result there's less of the stupidity Sci-Fi Channel movie villains often cause.
Animal attack sequences in and of themselves get repetitive. The wide action shots where people are shooting at circling Pterosaurs, getting attacked by swooping Pterosaurs, etc. are a lot better than the close-up Pterosaur shots, which at the very least aren't bad by themselves.
As for the protagonists, there are cliched characters and a few generic fodder guys with no personality to speak of but there are still some decent characters. Coolio's performance here was much better than I expected.