Cocktail is as 80s as it can get.
The opening credits made me laugh - neon colours, the music and Tom Cruise (perfectly typecasted in a pure Cruise-role).
Of course it's cheesy and the script is far from Shakespeare, the acting is inept and the characters are a bit shallow BUT it's NOT god awful like various reviews and the Razzie nominations might indicate.
I, indeed, had a good time watching it. Some scenes are so bad they're good (Cruise has this talent in his bad movies/scenes when he overacts) - the bar scenes are awesome (of course far from realistic if you waste so much time on one drink in a crowded bar) and the music is quite nice too.
Cruise plays a materialistic asshole who, in the end, finds redemption (?) - sounds familiar - it certainly is, but there's a reason why Cruise played this character over and over in his career - nobody pulls it off better than him.
As the questionmark behind redemption indicates, the purpose and the message of the film is somewhat questionable and in the end I doubt that he's healed from his materialistic world view.