The underlying story is really great material to make an epic mafia movie. These guys botched it. The scriptwriting sucks. The direction is average at best. The acting, with the (expected) exceptions of Don Johnson and Chazz Parmenteri, is below average. Editing, sound mixing, makeup, and production design are also below average. For starters, at least some 20 minutes could be edited out, preventing some boredom and making for a much more exciting movie. Then there are all those small details that pull you away from suspension of disbelief: the terrible makeup to pretend hangovers and drug use actually makes actors look like quarterbacks with blackeye on; the over-the-top 70's fashion; the computer-printed signs on the supermarket window; the constant background music with a senseless baseline which doesn't match the mood of 90% of the scenes... it all comes through as somewhat amateurish.
The last scene, though it is actually an expected plot turn, is actually very well directed. That's about it.
In short, this is not a total waste of time, but a waste of a golden opportunity. I hope someone with talent can one day make a really great movie with this story.
Review of Vault
