* SugarWiki/AwesomeMusic: [[http://www.youtube.com/watch?v=cynK5jvaWvM&hd=1 Parking Lot]] from the video game.
* CriticalBacklash: It was roasted upon release, but it isn't ''that'' bad.
* 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.
** Especially the scene that had Maria arguing with Arnold
* 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'' did a lot of what ''[[MainPage TV Tropes]]'' does today—years before there was ''[[MainPage TV Tropes]]''. This website actually makes the movie a lot more hilarious than it was before.
** "When the governor gets here, call me."
* 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.
* 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.
* SpiritualLicensee: This is the nearest we'll ever get to a live action [[TheSimpsons McBain]] [[ShowWithinAShow movie]].
* 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.
* {{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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