
I think it's underappreciated. The gunplay is horrible, of course, and the plot can seem kind of weird - but I think the thing to realize is that this movie is not Telling What Happened. It's not a "documentary" type of movie. It's Retelling A Legend. The super-badass akimbo-1911s-throw-a-guy-ass-over-teakettle-down-the-street, the hooker-staring-at-Bruce-Willis'-crotch-after-he's-killed-ten-guys, the Oh-Hello-Have-Some-Exposition - this is just telling the legend of what happened in Jericho, not actually telling WHAT HAPPENED in Jericho, do you twig it? There are some interesting tricks with the framing - rather freshman tricks, really, but still interesting - it follows the rule of thirds, of course, and I've noticed that sympathetic characters are always shown in the right third, and bad guys in the left- and Bruce Willis is always in the right EXCEPT for when he is killing people, at which point he is shown on the left third. I find that quite interesting. Also, the lighting is extremely noir, it just comes off as very subtled because it's shot in color. For example, Willis' eyes are always brighter than the rest of his face. Things like that.
I love this movie.