Personally I don't think it's a bad collection, but it's certainly not up to the high standards that you expect from a brand like Versace. It's the kind of collection that if I didn't know it was Versus I would have thought that it was by a new unknown designer or a design school graduate just finding their feet in the industry.
There are a few dresses that could have been tweaked a bit to look and fit better (like the dresses with the cutouts on the mid-sections, if a model is bulging out of them then there's no chance for anyone else to look good in it) but it seems like a very easy to wear collection that you wouldn't need the skinny proportions of a model to look good in.
I could easily see this collection not looking out of place on regular people at a party or club as it definetly has that easy to wear factor.....which means it'll be an easy collection for high street retailers to make cheap copies of.
Personally, I like the colours and the shoulder cut-outs, so I would wear some of it.