Better than the 2005 version
It's a shame that this movie was only made because the copyright was going to expire because it actually quite good, while there are many bad things about it is nonetheless superior to the 2005 version.
The first part of the movie is their origin story, it is much better told in this version than the 05 one. We see the accident that Victor Von Doom become Doctor Doom, the actor playing him is actually quite good except for the fact his voice is muffled by his mask so it is quite hard to understand him at times. The Jeweler who is essentially the Mole-Man steals the diamond that was needed to prevent their ship from being bombarded by cosmic rays during the storm and replaces it with a fake, however Doctor Doom wants the diamond and steals it from the Jeweler. The Fantastic four later go to Latveria and battle Doom.
Alex Hyde-white plays Reed Richards and is quite good but Ioan Gruffud was so much better as the character. It was a little weird that in the flashbacks when Sue and Johnny are still kids Sue falls in love Reed Richards who is probably ten years older than her. I hav e no idea why but every time he uses his powers his clothes stretch with him even if he isn't in his costume which looks just plain ridiculous. Rebbecca Staab is no Jessica Alba but she's okay as Sue Storm. Michael Bailey Smith plays Ben Grimm but not The Thing and Ben Grimm is in very little of the movie at all. Carl Ciarfalio plays The Thing, he's actually not bad but the costume is pretty lousy. I have to say I liked Jay Underwood better as Johnny Storm because I felt he resembled the character better and acted like how he would act.
Because the movie was made on a budget of less than 2 million dollars the effects sucked horribly. The worst effetcs were the flame effects on Johnny which looked awful beyond awful. I loved seeing the classic blue an white costumes that the FF wore, though they did look incredibly silly and were far worse than 05 versions. By far the worst costume was The Thing's, I mean I can't blame them because of the budget.
The sets were really good considering the budget but they are very dark because lighting would have cost way too much money.
Overall I really liked it and it was so much better than the one in 2005. You can watch the whole movie on Youtube but it is not available on home video.