From the time when Arnold Schwarzenegger was a king of the movie world.
There is a sense of black humour that the remake cannot match. Schwarzenegger is on top form in a film that is both a action film and a film that makes you think. (Behind the gunfire and the explosions there is a question about the nature of reality, which was famously explored ten years later in the matrix).
I must have seen this film dozens of times now, but still enjoy it every time.