I may have been up really late at night, but I didn't mind 'Alien Species' at all. Its craftsmanship for such a cheap B-movie production was pretty good (although the special effects looked like they were created on a Nintendo or Sega Genesis, and then grafted onto the film), the script was interesting enough in the realm of 'alien hostile takeover' movies, and its pace never lagged for a second. While watching it, the film's ending was very ambiguous, as if this had been planned as a pilot film for a TV-series, or at the very least, a feature-length sequel.
I loved the work of veteran character actors Charles Napier and Hoke Howell (the latter died shortly after the film's completion, and the death is mentioned in the end credits). Their consummate professionalism gave a classy sheen that the film otherwise didn't deserve. It's definitely worth a watch, though, to fans of both B-movies and of science fiction.