Hide and Go Shriek had the unfortunate luck of coming at the end of the original 80's slasher cycle where these films were lucky to play in a theater or two before getting dumped onto video. As a film, it's not as bad as you'd think. There are a few creepy moments here and there (especially the killer's fetish for dressing up like the victims they've just killed so they can fool the next victims into thinking that they are one of their friends) and there's a pretty gnarly decapitation by elevator that's truly a work of art.
The real selling point here is the heavy dollop of late-80's cheese on display. Everyone's clothes, hair, and makeup couldn't be more late-80's if they tried, which gives the film a fun time capsule feel. You just know it's one of those movies that could have only been made at a very specific place and time.
The ending killer reveal is so bizarre and off the wall that it must be seen to be believed.