I gave the Terrifier a spin since I saw it up on Netflix...short version: It's a decent slasher for a film with pretty much no actual plot. It's a campy movie out the gate, all gore and low budget effects while the actors play the over the top stuff straight. It's good mindless fun.
Long version: When I say, no plot, I mean that. Two girls leave a Halloween party and have car problems, while a weird dude in a clown suit keeps popping up and creeping them out. From there, the clown just starts taking out people the girls interact with and going after them. That's it. The clown doesn't have any motivations; the characters make a lot of plot convenient decisions and the kills are ridiculous...but it kinda works. It's all played up to the extreme and that makes the horror cliches look like "we're all in on the joke" instead of "this is annoying." It helps that some of the characters, though shallow, are likeable. Even a couple of the side victims do things that make them memorable and unique. Other than that though, there's not much sense to the plot. It's the kind of story you expect in one of those compilation flicks like VHS, where there's not enough time to get into plot so they just rush to the horror scenes. But since this is such a self-aware campy slasher, it's easier to forgive. Seems like a group of horror fans put together a slasher that they had fun making first and foremost. Considering how many movies I've been disappointed in lately, this one gets a passing grade.