There's a thread about this already, poorly-titled "OH NO!!!" in the UFC forum.
Anyway, I saw it and it wasn't as bad as I expected. The creators didn't overreach themselves and for the type of film they were trying to make, they did very well. The story diverges a lot from the "Universal Soldier" style plot, really all the two movies have in common is an enhanced coldier with no memory. But I think capitalizing on that old franchise may have been the reason for changing this film from it's (much better imho) working title of "Weapon" to the current sad sack of a name.
Tiffany Amber-Thiessen is really fat for some reason and wears giant flannels and jackets like above for pretty much the whole film, so don't expect any romance or sex appeal. I am confused as to why she took this project looking like this.
Luckily Rich's character is an emotionless cyborg so the obvious problem of his lack of acting experience is minimized. He plays the character reasonably well, even when he has to start smiling and showing some emotion. The effects were blah without being offensive. The acting was pretty forgettable, although Bruce Greenwood actually turns in a fairly good performance as the evil scientist behind it all. The action scenes were actually well-done, I really would have liked to see more MMA-style combat but unfortunately most of the movie's action involves guns, not hand to hand.
All in all I came into this film with low expectations and was glad they were exceeded. Worth a watch for any MMA fan, although I don't think it'll ever be a classic.
Objection, Your Honor. He's reciting the opening to Quantum Leap.