However this seems to be only a Vocal Minority as most seem to find Blood Dragon better. The facts that there are already talks of a sequel support this.
The split is largely between gamers who grew up in the '80s (And as such get the references and nostalgia better) and more modern gamers of the '90s and the 2000s, who think of it as a bit too... nutty, and just can't wrap their head around how this is supposed to be connected to Far Cry 3.
And gamers from the latter era who, even though they think it's completely incomprehensible, still love it and think it's hilarious.
The Kobracon with Explosive Rounds. This basically makes all its shots explosive and deal incredible damage, being able to instantly explode trucks (and everybody inside), deal very good damage to the Heavy units, and also kill Blood Dragons within a few shots to their weakpoint. Put in Semi-Auto fire, and increased magazine for even more breakage. Its only downside is that the shots tend to accidentally kill hostages via the explosions.
Once upgraded with laser rounds and fully-automatic fire, the Fazertron becomes an excellent close-to-medium range weapon that kills mooks in only a couple of shots. Even heavy soldiers fall quickly to it.
Genius Bonus: "Aaah! It's an exothermic chemical reaction!" (He means fire).
Hilarious in Hindsight: Back during Yahtzee's review of Far Cry 3 he made a joke about how you don't unlock the "magic pussy laser" (Yahtzee uses a picture of a tiger shooting lasers out of its eyes to illustrate this idea) until the end of the game. Amusingly Rex does unlock a magic laser during the end of the game, the Killstar device which allows him to fire a massive death ray from his left hand along with the Battle Armored Dragon Assault Strike System which is a dinosaur that does shoot lasers out of its eyes.
Ho Yay: Rex and Spider. The opening scene between the two of them should spell it out pretty well.
Most Wonderful Sound: The sound Rex makes when he levels up and do the horn sign with this metal hand.
Narm Charm: It's an over-the-top parody of cheesy 80's action movies. This game wouldn't even be half as good as it is if weren't so incomprehensibly stupid.
Spiritual Licensee: It's one of the best Duke Nukem games ever made. Deliberately cheesy one-liners, nostalgia and lots of fun gunplay: check check check.
There is Trials of the Blood Dragon, however, which takes the theme and story in a different direction, basically covering other aspects of the 80s while running with the general theme without retreading stuff from the first game. Thus it's more of an Affectionate Parody of the numerous children's cartoon spin-offs of said action movies. However, it doesn't escape this trope entirely though, with some Trials fans upset over its departures from the traditional Trials formula.