I remember seeing this years ago, either on VHS or on HBO. It was one of those films that I paid rapt attention to (hey, I was 11 at the time) and thoroughly enjoyed.
I saw this movie again, for the first time in a decade, on Sci-Fi just the other day. Admitedly, it was nowhere near as funny and/or cool as I thought it was back in '91, but it brought back a lot of fond memories. I'd say this is Hogan's best film (with No Holds Barred taking the #2 spot).. which is, yes, a pretty sad fact. This man was never meant to be an actor - a showman, perhaps, and a wrestler indeed, but the only shining performance here was Christopher Lloyd in his usual goofiness.
At least this movie doesn't try too hard... it's not meant to be taken seriously, and is an overall good 'popcorn' flick.