Can't say it's bad.
The plot is very flawed, the acting makes no sense in most parts. It was classified as a dark comedy, horror and fantasy film. Only the fantasy part was kind of right, and even there is mostly due to the elfs reference than any fantasy at all. In the first half of the movie you get the feeling that the elf's are fast and hard to see, that would fulfill the fantasy part, then they slowly grade down to children in costumes moving slow and ultimately incapable of putting up a fight. That makes the whole thing kind of pointless and nonsense. I felt deeply diving into the "if only the remote was by the couch..." state.
Can't say it's bad either. It's a nicely shot flick, with nice landscapes and good pace. But still fails being horror, fails being comic, just...a regular Sunday afternoon nothing else to see and it's already on kind of movie.