Older Than They Think: The idea of Red Skull's facial deformities being caused not by exposure to Dust of Death but a flawed version of the serum later used on the Captain, which was later adopted by Captain America: The First Avenger and some of the animated adaptations, actually originated in this film.
And his mask appears poorly fitted to his face, particularly in the film's closing shot.
The mutated rat near the beginning reeks of terrible stop-motion.
Tear Jerker: Bernice's death. Sharon doesn't take it well.
Took the Bad Film Seriously: It can't be denied that Matt Salinger gave a pretty sincere performance in the vein of the late Christopher Reeve as Superman. Salinger plays Cap with such likability and sincerity it makes you wish he'd had a better film. His defiant delivery of the line "I care." in response to the Red Skull mocking him and the values he stands for at the end of the film, complete with Badass Baritone, is pretty poignant.
WTH, Costuming Department?: The obviously fake ears on Captain America's costume, put there because the mask originally went around Matt Salinger's ears, but caused some rather painful chafing, necessitating the fake ears.