This is quiet an underrated movie, even amongst Arnie fans, and one which few people understand, or try to. Last Actio Hero is a spoof of action movies, primarily those starring Arnie and Stallone, ones which director McTiernen has made a living from: The films that have loose plots built around stunts, explosions, fights, and spectacular and over the top set pieces. That said, the action, stunts, and effects are good; the cast, especially Arnie, ham it up as much as possible, the cameo appearances are witty and accurate, and the plot is pretty clever.
Arnie plays Jack Slater, a ficticious cop/action hero who lives in movie land- a place where everything is super sized, and hyper real (a little punch in the gut of Hollywood). His daily routine, usually involving chasing bad guys, and wrecking huge portions of cities is disturbed- mid chase, by the mysterious appearance of a teenage boy called Danny. Danny is from the real world- our world, the world which gorges itself on the exploits of such larger than life characters as Jack Slater. Danny is just about Slater's biggest fan, and no-one could be happier than he to be meeting his hero for real. Slater, naturally is less than pleased. Danny explained how he was given a magical golden ticket which opens a gateway been the real world, and the movie world, and tries to convince Slater that his life is a movie. This leads to some inspired jokes about the film industry, and Arnie's own career- the 'I'll be back' scene and the scene where Danny tries to make Slater swear. Meanwhile, Big Bad (English) guy Benedict hears about the golden ticket, and sees the potential for chaos, and the psychotic Ripper plots more carnage against Slater.
Tons of in-jokes make this an entertaining film, and I'll admit that's all it is. But that's all it is trying to be. There is no need to criticize it for lacking artistic merit, character development, internal meditations on life etc. It's an action movie, where the bad guys are supposed to die, cars are meant to explode when scratched, the good guy is untouchable, and it doesn't pretend to be anything else. The soundtrach, featuring AC DC adds to this thoroughly enjoyable throwback to 80's action classics.
Extras unfortunately are light- a trailer, a music video, and a short featurette. The nineties was a revisionist time for movies, and this film was one of the best examples of the movement- self referential, self mocking, while pushing the boundaries of what was expected from the genre. A documentary discussing this and the making of, or a commentary or interview with cast would have been great.