Let me say this right off the bat: the two worst actresses in the world are Kate Capshaw and Shera Danese. Watching Danese's misplaced facial expressions, hammy acting, arm waving, and screechy voice sucks all the fun out of this Columbo film. She does absolutely nothing good with the plum role she's given. Bad director or bad acting? I tend to believe the latter.
Danese's acting aside, this is a pretty enjoyable Columbo film, well-paced and fairly involved. The joy of watching Columbo is wondering if he already knows who the killer is; in the 1970s films, you could never tell, and that was part of the fun. That sense of enigma is lost in these later films, especially in this one, where he doesn't realize it until well into the film. No matter what else he does, this is Peter Falk's signature role, and he has been a lucky actor for not getting typecast, given his variety of roles over the years.
All in all, I recommend this film as a worthy contributor to the Columbo legacy.