Capcom originally claimed that the movies were entirely non-cannon, but several games released since the movies have linked themselves to the movies, so who knows. They're not that bad.
Doom also wasn't that bad. Not the best movie, but one of the better game movies.
Mortal Kombat, while some consider it a travesty, has a cult following, although most consider the sequel absolute garbage.
Street Fighter the Movie.. I liked it. I wish the movie was based on a game with a bit more story built into the gameplay so that the screenwriter wouldn't be so ridiculously wrong, but it had fanservice out the wazoo, and I really enjoyed it. The new one has been pretty badly panned, and I didn't want to see it in the theater, so I haven't seen it yet, I'm not holding my breath.
Double Dragon - absolute garbage.
Super Mario Brothers - ditto, complete trash.
Tomb Raider wasn't that bad either. But I hated the games. So maybe a bad game makes a decent movie, and a great game makes a horrible movie.
Uwe Boll's movies Postal, Bloodrayne, Alone in the Dark, etc have been universally panned, and I see no reason to elevate them.
Dungeons and Dragons the movie was a LOL. It had the most bizarre ending I've ever seen in a film. I never saw the sequel, although it wasn't really a sequel from what I heard.
That's about it for Hollywood, and it's pretty dismal, but there are enough glimmers of hope for there to be a hope.
Squaresoft's movies were pretty bad, Spirits Within shouldn't have been called Final Fantasy, and it probably would have been a bit better, and Advent Children appealed only to diehard fans of 7, and some of those fans felt cheated by the storyline.
There are some independent films that have been pretty good. Movies like River City Ransom, which was apparently pretty awesome in a cheapo indy movie sort of way, and the new Mega Man movie that's in development looks absolutely awesome.
I'm holding out hope that one day there'll be a video game movie fad, like there was a comic book movie fad a few years back (still to this day even I guess, but I don't think it will last forever). Comic movies prior to the fad really starting up, were pretty lousy. There were gems, like Superman, and the original Batman, but as those movies got sequels, they got worse and worse, and the other movies of the genre were pretty horrible from the getgo.
The same thing will probably happen with video games. I'm hoping the Mega Man movie shows what a game movie CAN be, and I hope Hollywood is watching.