Wow, almost decent. That's four stars in Syfy land. Simple story. There's a swamp, and there's a shark in it. An ugly shark. Maybe inbreeding is involved. In any case, it wouldn't be a "Jaws" rip off without some event that is going to attract clueless locals which in this case is some aligator fest. There's the typical beautiful and feisty lead, and there is a pair of friends of hers that act sort of light comedy relief. One is very much in Larry the Cable Guy mode, and the other is a pudgy computer nerd. Add to that a crooked sheriff and some animal smugglers and you have enough ingredients for gumbo.
The special effects are still gawd awful, but they aren't generally in the forefront screaming attention to themselves. The acting ranges from gawd awful to acting(?), but it doesn't distract from the film. Story wise it zips along and keeps things fairly interesting. Of course at this rate Syfy is fast running of of new places to put a shark. I doubt they could get much mileage out of "Log Ride Shark," or "Fountain Shark."