Not dreadful, but this story of a bunch of bad guys trying to break into a near-defunct police station on New Year's Eve 2004 is kind of predictable. And it strains credibility to think that the bad guys, given their resources, manpower, and skills, would not be able to overcome the good guys who have a (again, predictable) traitor in their midst.
Random observations: (1) Ethan Hawke is getting typecast as a cop. (2) It's nice to see Brian Dennehy again. (3) Joey Tribbiani's sister plays a slutty secretary; this somehow does not strain credibility. (4) I liked these lines:
Cop: Your eyes are red. You been smokin' crack?
Criminal: Your eyes are glazed. You been eatin' donuts?