* SugarWiki/AwesomeMusic: [[http://www.youtube.com/watch?v=cynK5jvaWvM&hd=1 Parking Lot]] from the video game.
** The movie's entire soundtrack qualifies, but standout examples would be [[Music/AliceInChains What the Hell Have I, A Little Bitter]], [[Music/{{ACDC}} Big Gun]], and [[Music/{{Anthrax}} Poison in my Eyes.]]
* CultClassic: It was roasted by critics and ignored by audiences (who were still flocking to ''Film/JurassicPark'') upon release, but earned a fandom in the following years.
* GeniusBonus: The names of the bad guys are references to classical music composers. And the soundtrack is partly made up of modified classical music. Parodied in that classical music doesn't even ''exist'' in the Slater-verse.
** FridgeBrilliance: Both Arnold/Jack and Mozart are Austrian.
* HarsherInHindsight:
** It's the only role where Arnold Schwarzenegger and Maria Shriver appear together, and it will certainly be the last. The scene that had Maria arguing with Arnold is even more uncomfortable.
* HilariousInHindsight:
** Slater's interaction with Schwarzenegger still works now that he is governor.
** It gets worse/better - while the projectionist is listing things that are worse than being a fictional character, along with floods and wars, he mentions politicians. ''Twice''.
** Also, ''Last Action Hero'' [[DeconstructorFleet did a lot of what]] ''Wiki/TVTropes'' [[ConversationalTroping does]] today—years before there was ''TV Tropes''. This website actually makes the movie a lot more hilarious than it was before.
** "When the governor gets here, call me."
** A climactic scene ends with a bomb exploding in a tar pit surrounded by dinosaur models. ''Last Action Hero'' itself wound up bombing due to the dinosaurs of ''Film/JurassicPark''.
* MagnificentBastard: Benedict quickly notices that the Real World is rather short on [[CardCarryingVillain card-carrying action movie villains]] such as himself -- and forces to oppose him properly. In his own RealityEnsues scene, he kills a man at night in the middle of a run-down neighborhood and is surprised that neither Slater nor police show up to prevent it, nor do bystanders even care -- thus proving to him that he can do a ''lot'' more damage and gather a ''lot'' more wealth and power than he did in the movies.
--->'''Benedict:''' If God were a villain - [[AGodAmI he'd be me]]!
* NarmCharm: '''DA BED GUYS IN DEAH!!!'''
* NightmareFuel: Benedict's glass eyes and him changing them on screen; any little kid who went to see the film was probably terrified for years afterwards.
* SpecialEffectsFailure:
** The launcher that rockets the cop car in the air during the house explosion is clearly visible, as it falls to the ground.
** Jack Slater's game of chicken in the real world also has a rather visible tow cable laying across the alley floor.
* TheProblemWithLicensedGames: Although the film itself is a pretty interesting {{Deconstruction}} of action films, the developers of the tie-in game decided to play everything very straight.
** Averted for the [[Pinball/LastActionHero pinball,]] which is well-regarded for its deep rules, great music, and nonstop action.
* TheyWastedAPerfectlyGoodPlot:
** Even those who love the movie acknowledge that it has a kick-ass premise, but the execution falls somewhat short.
** It's likely a lot more could have been done had it been done later, considering advances in special effects, but also the fact that people have gotten used to longer movies and they wouldn't have to cram a dense parody of an entire genre into as little time.
** If the movie had allowed Benedict more time, imagine what a cool plot it could have been if he'd actually recruited all those villains he mentioned in his JustBetweenYouAndMe speech.
** It also works InUniverse: The movie is clearly going somewhere, but the story gets derailed once Danny comes in.
** Another major issue is that the Jack Slater series makes no sense as an in-universe action series, with one film having a crushing DownerEnding where Slater's son is killed, and another being just as farcical as the parody itself with the explosive flatulence plot.
*** This is perhaps only equatable to say, the [[Film/JamesBond Bond movies]], where Bond's wife dies shot in the head at the end of one film, and this is given only the occasional nod in the subsequent entries but never even directly ''acknowledged'' in said film's immediate follow-up. Slater is, after all, stuck with the whim of the writers, and in the 'real world' there could have been a change of writers or a writer's strike, or so on, or it could have been like Film/BatmanForever, which was made distinctly lighter due to the slightly poor response to the tone of it's predecessor, which made money but was very, very dark.
* SpiritualLicensee: This is the nearest we'll ever get to a live action [[TheSimpsons McBain]] [[ShowWithinAShow movie]].
** "Magic ticket my ass McBain!"
* WhatAnIdiot: Invoked in the movie by The Grim Reaper, who remarks that Danny's an idiot for ''not looking for the other half of the ticket''. FacePalm.
* WhatMightHaveBeen: Benedict was originally intended to be Creator/AlanRickman - a line in the shooting script has Danny warn Jack that he almost beat both [[Film/DieHard Bruce Willis]] and [[Film/RobinHoodPrinceOfThieves Kevin Costner]].
* {{Woolseyism}}: Done brilliantly in the German and French versions, where he calls himself "Arnold Beckenbauer". Google it if you don't know the name; any- and everyone in Germany- wait, ''[[TheWorldCup in the world]]'' does.
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