A lot of people tend to dismiss this movie because of it's "comic book" feel and comic-book (really) transitions.
I enjoyed this movie a LOT, as it has the same "feel" as the original comic books I remember reading, and the same style of humor. It's very well done for 1995, the dialogue is well-scripted for the intent of the movie, and the funny stuff is actually funny. Some of the action scenes are a bit "campy" - but then again, they're *supposed* to be that way in this kind of movie. In addition, I thought the acting was excellent, and that Lori Petty (who played "Kit" in "A League of Our Own) Malcolm McDowell (practically legendary) and Naomi Watts were excellent choices for their characters, as were the rest of the supporting cast. Lori Petty hasn't been in anything "huge" since this movie, which is truly a pity as she is an excellent and versatile actress. Look for some interesting supporting actors, including Ice-T, Iggy Pop, and James Hong.
Listen to the comedic dialogue carefully - most of the punchlines are funny on several levels, which I found most refreshing, and you'll encounter a lot of funny double-entendre.
Don't look for a bunch of CGI computer effects in this movie. However, well-designed and imaginative props and sets give a good feeling of "authenticity" to the scenes, and the visual and special effects are excellent.
Don't bother critiquing little details and spurious claptrap like that with this movie - it sets out to be a comic-book-style fun action-adventure and accomplishes that goal magnificently. (The funniest thing is that the plot precept of a mega-corporation in control of the world's water supply is becoming more and more of a plausible idea and leads one to think of a possible metaphoric reference to the world oil situation) This movie might have been rated "R" at the time for adult situations & violence (and a little nudity), but I didn't notice a whole lot of "foul language", and I didn't really see much in the movie that wouldn't be put on broadcast TV today.
This movie has everything - good acting, evil villains, cute heroines, mutants, cool vehicles, explosions, big sets, a huge supporting cast, hilarious humor, great stunts, and even a classic musical number with a full chorus line! ("Let's Do It" by Cole Porter) It even pokes fun at beat poetry. All-in-all, well worth seeing.
If you like stuff like "The Wizard of Speed and Time", "Flash Gordon", "Johnny Mnemonic", "Space Truckers", "Ice Pirates", or "Yellowbeard" then you'll definitely love this movie. Even if you don't, see this movie anyway - it may change your mind about this genre.
From personal experience: "Chicks dig this flick."
Get the popcorn & enjoy.