Awesome Music: Most of the score would have counted if it wasn't blatantly plagiarized.
Big-Lipped Alligator Moment: On first viewing, the entire film seems like a BLAM. On subsequent viewings, you can see what the filmmakers were trying to do, but those ogres (the ones who growl at the camera after the protagonists defeat the skeleton cavalry) still have nothing to do with anything. Nor does a random guy jumping off the cliff in the scene after those two protagonists are captured for the first time.
Ear Worm: The Indiana Jones theme, of course, though it wouldn't really count here.
Special Effects Failure: A LOT! (Excluding the pulled ones) In fact, best special effects (lasers, and even these weren't up par to standards) were made by scratching the very film itself. Oh the Irony.
The worst special effect by far in this movie would be when the Wizard gets chopped in half vertically. The split parts look like a cardboard cutout with seesaw patterns and showing the Wizard's face in half involved covering half of the camera, which fails by showing his entire unharmed nose. In his review of the movie, James Rolfe theorized that the crew had attempted to do an in-camera splitscreen effect, but had no idea how to actually achieve it and so just filmed the actor twice without bothering to rewind the film, swap out the matte and then film the ground.
In a related Turkish film, starring Tarkan (no, not the pop singer), an octopus puppet fails to fill with air, thus looking like a wet plastic bag in the sea.
Special mention should be made to the part where our hero fights a werewolf that is clearly stock footage lifted from another movie. (The Magic Sword) The scenery doesn't even match, and it's killed by the hero obviously stabbing at the camera while reaction shots are shown.