Watched for the first time in ten years or so and still enjoyed it a lot, especially Verhoeven's trademark satire and excellent pre-CGI effects work.
Speaking of "is it real or a dream?" question, I always assumed it was a dream, but now I'm not so sure. I mean, there are quite a few scenes in the film where Arnie is not present. If there was a possibility that it's a dream, wouldn't it be necessary for him to be in every scene?