I actually enjoyed both the trailer and the movie, maybe it's because a lot of us at PlanetAvP at the time thought it was cool.
Anyway, the movie could have been a lot worse; I only recently saw Species 3 and I was amazed at the SyFy channel's ability to destroy movie franchises. I thought Lake Placid 2 was the only movie series which this channel had blasphemized, but apparently destroying one amazing movie franchise wasn't enough.
Species 3 not only destroyed the continuity of the movie series, but it also drastically altered the theme, style, and mood of the 2 films that came before it. What was once an action movie franchise about the military hunting down an Alien seductress became a movie about a college student who had to fight his sexual attraction to another female alien while at the same time try to uncover some sort of alien conspiracy. The storyline of the series was drastically changed and in my opinion, the film should be erased from the canon of that franchise.
AVPR actually had the decency to keep to the traditional themes and style of its predecessors, even if the plot wasn't as great as fans would have wanted. I'm just thankful that SyFy never got a chance to make its own entry into the series; it would have killed the entire AVP franchise just like it did with Species and Lake Placid.
EDIT: Species 3 was actually a good film by SyFy standards if you compare it to many of the company's other endeavors; they actually used real life props and suits rather than composite all the monsters in CGI. I appreciate the Strause Brothers for not being this cheap and lazy, at least.