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I loved the settings, the film's look and the concert lighting, the 1950s influence, the perfect blend of comedy and drama, the action, the characters, and above all Diane f'n Lane. It's a really excellent movie if you see it as a piece of entertainment more than anything else. Although, I will say that it's a bit more than that.
Hey there, Johnny Boy, I hope you fry!

There ya go Franz still insulting people on IMDB.

I lost faith in Humanity when I saw that this is rated higher than Extreme prejudice.

Exactly, it is a film that was created like a Grimm Bros' tale, things are black and white, and it was designed to hit those idealistic triggers in innocent young people who believe their first love will be there last, and that real men use their fists (or sledge-hammers) to solve their problems.
The over-the-top acting wasn't done by accident, it's supposed to be like that, classic film noir acting. The characters aren't characters, they are archetypes, and the movie is one big what-if experience, pining for a simpler time when those naive ideas we had about romance, love, conflict, and maybe even chivalry, in our youth still existed in our adults lives unshattered, what kind of world might we live in (that's why the 50s/80s mixed motif)? I truly believe that people who hate this movie aren't looking deep enough at Walter Hill's vision behind it.
I've had the same difficult time convincing people that Battleship is an absolutely hilarious satire and send up of the rah-rah-siss-boom-bah jingoistic summer blockbusters like Independence Day and Air Force One. It's sad that more people don't see the film as a celebration of the power contained in the innocence of youth.

I love this cult movie.

Well, they were all near the beginings of their careers at the time, although Madigan would have Oscar nomination for a film made the following year. Diane Lane was actually too young for the part as she was 19 when the film was released and the part was written for someone in her mid-20's.

Amy Madigan is anyway.

there will be snark

You agree with your overall argument, but Amy Madigan, Bill Paxton, and Rick Moranis "great, award-winning" actors???
http://jmoneyyourhoney.filmaf.com/owned

Great post. Well said. You are spot-on.

there will be snark

It's intentionally cheesy, the dialogue, some of the acting, it's meant to be a little sillly and somewhat unrealistic. The tagline of the movie was a rock and roll fable and that's exactly what it is, a fable.
The movie is not meant to be taken too seriously, but it's so well written and the characters are so lived in, that it also works seriously, you just have to overlook some of the dialogue and acting. But hell, we overlook it on the original Star Wars trilogy nd look at the Depth some people have found in those films.
Your biggest clue that is intentional is the fact that the movie is filled to the rim with great actors, Amy Madigan, Willem Dafoe, Bill Paxton, Rick Moranis, Diane Lane, these are serious actors who have all turned in award winning performances, yet, in this movie, they're hamming it up, it's not a coincidence that all these great actors turned n a cheesy performance all n the same movie, all in the same way. The movie is meant to be fun, it's meant to be bad ass. It's meant to be big and loud like the music, yet as simple and loud as it is, much like the music, it's a complex arrangement.
I've lost all faith in humanity when Streets Of Fire, other than Die Hard, probably the only action movie I'd give a 10 to, registers a 6.5 with imdb users, and that Road to Hell, quasi-sequel that is he cinematic equivalent of vomit, gets a 6.6.

"Deep" isnt exactly the word I would associate with Streets Of Fire, but anyway
And I think Hill knew exactly what kind of film he was making; there dont seem to be anything unintentional about the effect the film has.
"facts are stupid things" - Ronald Reagan

This film operates on a number of levels. Some of them fairly deep.
Ozy
And I stood where I did be; for there was no more use to run; And again I lookt with my hope gone.

I agree, Rick Moranis is hilarious in this movie. And I can't decide which is better, Willem Dafoe's shiny overalls or his hair.