I noticed no one has said anything about this movie, so I figured I would be the first to say that it is a pretty good film. It is all in all a commentary on the 1980s Nicaraguan conflict, exploiting the story of a forgotten American "hero" during the time of Manifest Destiny. What it is really trying to say is that the idea of Manifest Destiny and ultra-patriotism still existed in the United States, especially during the 1970s-80s, when we just couldn't seem to keep our noses out of Central American affairs. It succeeds on that level, but not too many others.
The acting is at times pretty corny...Ed Harris successfully portrays William Walker and his many undeveloped personality traits, but even he slips up at times as his performance slips into camp. Peter Boyle makes a pretty funny cameo as millionaire Cornelius Vanderbilt, the man who funds Walker's campaign in Nicaragua and ultimately sets him up as dictator.
Some of the scenes are actually really cool, such a scene where Walker walks right down the middle of an apparent massacre in a village, telling his men to press on even though it seems all is lost. A man asks him what he is doing, to which he replies, "The only thing I know how to do...advance." A scene in which they burn the town of their dictatorships residence at the end is a little bit drawn out, with probably around 4-6 minutes of burning buildings and depravity of Walker's soldiers (called "Walker's Immortals"). It's one of many scenes that seems forced and just doesn't work...however, for each of these scenes, there is a few that do, which makes the movie an overall accomplishment.
The film's infamous anachronisms that appear as Walker's dictatorship begins to fall apart actually seem relatively in place in terms of the story. It is hilarious in most cases, and just puzzling in others. My personal favorite is the cover of Newsweek, where one of the smaller stories listed on the cover is something about gay priests. The main cover, however, shows Walker's face, claiming him as an American hero. This was really just to show the celebrity status someone gains when they conquer and exploit in the name of America.
While it certainly would not be recommended for the most cynical of human beings, it is an entertaining experiment in politcal satire. While it often delves into the realm of the hallucinatory and the bizarre, it mostly stays on its main topic, though it is very good at doing both. Especially in the final sequence, which I thought was the most impressive part of the entire film.