There is this TV show and they are showing a New Year's Eve marathon and they have a countdown for each time zone that changes to the new year. Apparently, this show is huge. What we see of this show is musical numbers and monologues and they all pretty much suck. Then a killer shows up and starts offing people for each time change. Then he calls the show and plays the recorded murders over the phone. The concept is cool, but the execution is weak.
The main failure of the movie, imo, is that they show the killer's face way too soon. That took away all of the mystery and excitement out of finding out who he is. The killer isn't that scary either. Maybe a little bit weird, obviously, but far from scary. It's also a let down that there isn't anything cool about the killer. Maybe they tried to go for the "this can be anyone, even the guy next to you!" route, but it doesn't work. At the end of The Burning, you see Cropsy, and you are like, "Damn!!!" You see the killer in this and you are like, "oh". Also, none of the kills are very inventive either.
I can think of a lot worse movies than this one but there are also a lot better ones. A late entry slasher letdown from Cannon.