In all honesty, I felt this movie was more watch-able than some of the other hogwash I've talked about. Is it bad? Sure. It is at least somewhat entertaining? Not really. But you can still watch it without losing your head.
The plot goes something like this: an unsuspecting family moves out to the country, only to discover that the entire population of the town is made up of goblins (yes, goblins, not trolls; apparently they were a little timid about releasing as a standalone film, and tried to market it as a sequel). And that's pretty much the only part that makes any sense. There isn't much else to touch on.
The entire movie is written as a means to promote vegetarianism. I don't think this point came across entirely as intended. It's still fairly apparent that they were trying to make some kind of point when they made it. That point is a little lost, however.
The movie tries to be clever at various points. Unfortunately, it will only seem clever to a 10 year old, and most 10-year-olds aren't likely to volunteer to watch a horror film, even when it's as bad as this one.
There isn't much else to say about it, but we'll come back to it.