This movie is not a classical low budget blunder trying to cash in on the fact that it's about serial killer. Granted, the budget was small, but that did not made a big impact on the movie. Script is well written, and constructed. Realistically portraying the torture in his childhood years, that later on led to his twisted personality, movie is not afraid to make a bit longer scenes, just to make you a bit more uncomfortable.
Henry Lee Lucas was a serial killer that, imprisoned, confessed to over 600 murders. Truth is that we really do not know how many victims he killed, due to his false confessions that were rewarded by the police by better treatment.
Overall, do not expect a masterpiece, or some innovative and strange things in it, but more of familiar style of directing with the focus on the story. If you want to go further than that, you can start analyzing events in his childhood and their impact on his killing urges. Was it all his fault, or were there other culprits?
Movie did manage to stick to the actual story of Henry, so it's not all dramatization and imagined events, like some of the recent movies. They slap a "based on a true events" sticker on it, and hope that it will sell better. This is not the case here.
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