Leprechaun 4 is that rare film that takes you to a place you never knew existed. In this case it's the world of everyone's favorite leprechaun who has somehow ended up roaming around in space and decides to terrorize some unsuspecting travelers.
The acting is horrendous, the special effects are ultra cheesy, and the story, well, what story? And that's why this film is so great! My favorite part is the decline of Dr. Mittenhand. It creates a parallel to the life of one man, his struggles, his torments, and his eventual transformation into some sort of demented spider/human hybrid. Who hasn't dealt with that same trama and those same pains in their own lives? When his metamorphosis is complete, and he declares his new identity in the heart-wrenching line, "I am no longer Mittenhand, I am Mittenspider!" it is a true milestone reached in cinema.
And of course the Leprechaun represents the antagonist in us all. Big evil comes in quite the small package. The leprechaun, in his quest for his gold, is simply a puppet of capitalism and corporate greed. I think we could all learn a big lesson from this little fellow.
So, to summarize, I give this film a 7, because it is slow at points, but the occasional leprechaun in the pants scene redeems it all. Bravo!