Verdict:

Commando is not a good movie by general movie standards. Instead, it is a cultural and style icon for those who care.
The entire story consists of a simple rescue mission, but it is well executed and has two turns that really surprised me at the time, subverting the expected action formula. The fact that the rest of the story is so simple and standard just makes those two plot points stand out more.
The dialogue is pure 80s cheese. It switches between bursts of awkward exposition and silly one-liners. The acting is pretty bad, as you would expect, with characters either overacting or underacting. Thankfully the overacting prevails, which makes this film a treat to watch if you’re into that sort of thing.
Arnold is campy but charismatic as always. He carries the role on his physical presence and charisma alone. Obviously, there is very little to the character, outside of his aggression and proactiveness. The female supporting character is not just a damsel in distress and is actually useful to the main character. She is well incorporated into the story, but she could have been anyone else. There is a sense that the only reason she is a female is because the law of action movies stipulates that the hero needs a romantic interest, even when nothing romantic takes place. The surprise of the film is Vernon Wells playing one of the villains. He uses his signature crazy eyes to out-overact everyone else, but every now and then, his reactions are subtle and realistic. Of course, this character is just as flat as every other.
The costumes are ridiculous. The action is over the top, with no regard for logic or laws of physics. The film is a parody of itself. The soundtrack is stylish and fits well, but it is also some of the purest cheap-sounding synth of the 80s. It is unbelievable that a skilled composer like Horner was responsible for it. There is a tension tune that consists of the same key on the keyboard being pressed repeatedly over and over.
Yet, for all its flaws and schlockiness, the film is a coherent creation that is aware of its own nature. And the value of this film does not wholly lie in laughing at its unintentional camp. The cinematography is alright, emphasizing Schwarzenegger’s physical dominance. The aforementioned plot twists are interesting, and the music has its moments. There is just enough quality in this film mixed in with the 80’s style to keep it from being bad.
If you for some reason do not yet know Commando, I would recommend it as a quintessential educational video to introduce yourself to the action of the 80’s.