Form - Sometimes plodding, but the action-packed finish (clocks in at about two minutes) is nuts.
F/X - Cool kicks!
Acting - The leads, minus the girlfriend, are all great. Lovable heroes, intense villains, everybody knows their role and plays it well.
Mise en scene - I love Miyagi's run down "oriental" shack.
Quotables - Mr. Miyagi steals the show with the obvious famous lines.
Cool stuff - The soundtrack is absolutely fabulous! I can't think of a better collection of random '80s trash, and where else would I hear these songs but in this classic film?