This movie did let me down. I'm a huge fan of 40's-style flicks, especially WW2 movies, and this seemed like a no-brainer to be a Raiders-style shitshow of epic proportions.
'The Rocketeer' I have a love for, even though it is clunky, although I could never really put my finger on why. Amazing soundtrack, amazing character, the perfect bad guys in the perfect setting. So all these years I wondered why it never quite worked.
Then I saw 'Captain America' and finally clued into why; Joe Johnston cannot direct action scenes. For editors, the old rule of thumb for salvaging a badly-shot sequence has always been to cut it down to it's best shots, and if need be, turn it into a montage ... Well la-de-da, every single action sequence that I saw was basically that. Instead of giving the audience an escalating action sequence, all I saw was blandly shot stuff until the damn thing sped up into 'MONTAGE MODE!' and the scene clunkily ended.
You think back to a perfect action flick like 'Ronin' or 'Raiders' or even something like 'Mission : Impossible', and there's always the scene where EVERYTHING FINALLY COMES TOGETHER for the hero and he's finally put in a situation where he can kick ass in a fantastic action setting. The music swells, the theme blares at a frenetic speed, and you can barely keep your ass in your seat ...
... In this movie you've got the perfect bloody bad guys, with the perfect arch nemesis, and the embodiment of someone who could kick all kinds of ass, and we were left with 14-second action sequences followed by another 25 minutes of plot/character development. Which is more or less what happened in 'The Rocketeer'; Joe Johnston is like the ultimate flirty virgin; lots of talk and show and tell, but when it comes down to play ball, he doesn't know what the hell he's doing.