I'm late to the party. I never played the arcade version, I don't own a gaming platform, and I skipped the 1995 film. None of it seemed like something I would be interested in, but the world changes and I have changed incrementally along with it. I won't be driving to Best Buy to get a Play Station or X-Box, but I will be watching this again on HBO Max, because it was a ton of fun.
The Red Band Trailer above is frankly what sold this to me. There is a bucket full of CGI violence that will appeal to a certain audience element (that includes me) and the trailer gives you a taste. I understand that there were some gruesome images in the primitive version of the original game, and even the 1995 PG-13 film managed to make some people look twice. I'm afraid that when the steel hat that gets used as a Buzzsaw, bisected one of the villains, I cheered a little. No apologies though, because that was the kind of stuff I was looking for.
For a movie that builds up the importance of the Tournament, it was a bit discombobulating that there is no actual Tournament in the story. This whole movie is a set up for the sequel, which I have no doubt will be ready soon and should feature even higher amounts of decapitations, heart plucking and assorted dismemberment. There is plenty of martial arts style combat but much of it is infused with super powered effects and enhanced visual imagery. My personal favorite was in the opening of the film and featured samurai/ninja sword play and a flying spike on a rope.
This is basically a violent cartoon for adults, that will probably be seen by kids anyway. The gore is not lingered over but it is in your face so if you are a parent, try to use a little discretion in deciding whether to take your kids to see this. We had a six or seven year old in the audience and he seemed a little frightened and upset at times. It did not enhance my theater going experience.
There is a deep dive episode of the Lambcast [which I did not participate in] where you can get details about your favorite characters and some criticism of the story elements. None of that is essential however to understanding what is going on. You can pretty much tell the good guys from the bad, and the characters are a bit wooden but they are all based on a video game after all, so Shakespeare it is not.
Go have a good time, eat some popcorn and support your local theaters. Then you can watch it again at home.