This is a B-movie classic. The special effects are awful and the acting is worse, but at least it's not boring. As a cinematic experience, it's below par, but as entertainment it's top notch. It's basically like a B-movie, unintentionally hysterical version of Superman (which makes sense, since apparently Steel is based on a DC comic series which was an offshoot of the Superman Funeral for a friend storyline) , except Steel's only discernible superpowers are: being tall, having a metal suit that makes him walk slowly, and uttering unfunny catch phrases that are so bad you have to bust out laughing. This movie is probably the funniest thing I've seen all year. Of course, it's not intended to be funny most of the time when it is.
Watching Shaq "act" is the highlight of the film. I fell out of my chair laughing every time he said something. Shaq's still a better actor than Hulk Hogan though, not that that's saying much. They should give Shaq more movies. Hulk Hogan made a dozen or more, and they were all awful, why not Shaq?
The special effects look like they were made in the 1980s. Bad miniatures and Superman-esque laser effects look pretty silly in this day and age. This adds to the fun factor of the movie though since you'll probably scream "Dear Lord that laser is the same miniature they used in Godzilla in the 60s!".
The plot to the movie isn't horrible, even though it's pretty thin. Basically Steel is a superhero with a secret identity out to save the world from an evil supervillain. Pretty standard superhero fare.
This movie has earned its place in my heart alongside other bad movie classics like "cool as ice" starring vanilla ice. A must-see for bad movie buffs. Some folks who like superhero films might like it too since it's mildly diverting and quick-paced. Those who relish quality cinematic experiences should avoid.
