Yep, "The Gate" and "I, Madman" (a.k.a. Hardcover) were great little B-movies that I loved a lot back in VHS-rental days. Imaginative, memorable, and stylish - even if the budgets were always a bit lower than the ambition.
It's sad if he's "lost it" since then, or is only being offered trashy projects these days. Based on his early work, I had him pegged as a name to watch out for - there was something Joe Dante-ish about his early films.
It's a shame Takacs never got to play with the budgets Dante's films had. If he'd been offered that kind of budget, back in the day, I think he could've delivered some really interesting films.

Yeah, anyone who made The Gate and I, Madman can't be considered "the worst" by any stretch, even if he's deteriorated severely since then.
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Personally I enjoyed his earlier body of work being 'The Gate' films and 'I, Madman'. Likening him to Ed Wood is a bit of a stretch as Takacs definitely had talent at a point in time but perhaps he just never had the budgets or projects to reflect this down the track.