I remember seeing this movie in the late 1980s and being embarrassed for the actors, and for all of us watching them in x-rated outfits..:) I saw it again now and, after all the crap Hollywood has thrown at us and knowing how easily the west shed their clothes, it didn't look quite as bad.
Still, it doesn't compare against the backdrop of fabulous comic books movies in the last 20 yrs - Superman, Batman, Spiderman, Phantom, Tarzan, Incredible Hulk, etc. So I don't recommend it. The Flash Gordon comics are superb - this was just very very average in script, acting and set design.
I gave it 3 stars for Queen's fantastic score for the film.