I had one primary problem with it. Lemme see if I can put it into words.
It was supposed to be funny. And the source of the humor, in many cases was based on the so-bad-it's-good type of humor that you would find in B movies. Like the violence was ridiculous and over-the-top. Some of the editing was so crude, I assume it was done on purpose as an attempt at humor. Some of the dialogue was really bad/absurd - and I have no doubt that was intentional.
For me personally, the so-bad-it's-good type of humor has a pretty limited appeal. I can get a few chuckles from a really bad old movie but I would seldom sit through the whole thing. But even if I loved that kind of thing, a lot of the appeal comes from the fact that it is such a massive fail. You imagine some very earnest Ed Wood type behind the scenes thinking he is doing something great - and it just all goes wrong.
Doing it on purpose sucks a lot of the humor out of it and just leaves me shrugging.
I didn't totally hate Machete. I watched from start to finish and never considered bailing.
I give it a 4.9 out of 10.