It's chain, mass-market seafood. Is it horrible? Not at all - there's plenty there that's edible and fairly tasty, especially if you don't have a wide range of seafood options nearby.
Can you do better? Depends on where you live - if you're costal at all, you'll find better prepared, better tasting, and just "better" restaurants for the same prices (or less) so it's not worth it. But if you're in a rural area or small-ish town where Red Lobster in the only non-fried seafood choice, it's much better than going without.
Although if you're in an area that's so far from a coast that your only choice is Red Lobster, I'm not sure oysters are going to be your best choice... they probaby aren't going to be very fresh.
Lets just say there is NO Red Lobster in the state of RI - a state known for its seafood. They lasted a few short years about 10 years ago, but had a hard time drawing repeat business.
Then again, just how could they screw up simply steaming a lobster?
On the other hand, there are NO Red Lobsters in MA, NH, VT nor ME either. Hmm, what would that suggest?