Middle-of-the-road early 80's slasher that has a slow start, interesting middle and then lame ending. The story is about a TV show personality who's hosting a New Year's Eve celebration program. She gets a phone call on-air by some guy who calls himself "Evil" saying he's going to kill somebody each hour up until midnight and although he doesn't expressly say it, it's implied that he is going to kill her a midnight. Being a trooper, she plows ahead with the show as the useless cops try to track down the killer.
Low body count, lame off screen murders, piss poor nudity, amusing 80's fashions, interesting detour with a story about a biker gang, horrible music, non-threatening killer, the line: "Sally got rid of her nervous diarrhea.", anti-climatic ending, no unique or memorable characters, nice Los Angeles exterior locations.
Although I didn't dislike it, I can't see anybody other than slasher completist and/or lovers of bad movies getting much of a kick out of NEW YEAR'S EVIL. And with so many better slashers from the same time period out there, I wouldn't go out of my way to watch it.