It's a satire of Y2K, survivalism, and millenial hysteria. These Y2K Bugs are genuine alien critters from another dimension that can convert themselves to energy and travel through electrical or phone lines. In the resulting chaos of the Meltdown, they've taken over the world and are stripping it of its energy. The Bugs have also enslaved humanity for reasons no one can figure out, although it might have something to do with revenge for something. Survivalist camps abound in the wilderness, along with petty warlords and the last remnants of the U.S. government.
Players take the role of heroic freedom fighters against the Bugs.
The rules are the same ones you always get from Palladium, and you either love them or hate them. I think that they're too complex at times, but they work for this genre. Player-characters are meant to be tough, meant to be killing machines . . . Even if you aren't a big fan of Palladium games, give this one a look. Even if you hate the system, it's good source material for your own post-holocaust, alien invasion games.