I didn't think the movie was very bad at all. It was one of my introductions to the Romanov family, and I didn't know much about Rasputin, or anybody else for that matter, before I saw the movie.
Some parts weren't quite true, that I'll admit. But you must remember, it was made in 1932. This was before Nicholas and Alexandra, before any of the Romanov books that we now have the luxury of having were ever in print. So the people had to kind of take what they knew and had to make it enough - and they also had to weave a good story out of it.
So thinking of it in those standards, I would say that it wasn't that bad - for the time, in my opinion, it was quite good.