People throw around the word 'underappreciated' too much, but this movie actually is underappreciated. It had lots of cool world-building, sets, character design, and action. In my opinion, it was hamstrung by needing to introduce AND end its world in only two hours, and with a PG-13 straightjacket. It would've slayed as ten-episode season on HBO or Netflix, or as a comic book. Granted, its lead is a bit flat ("gruff outsider" doesn't play well to Costner's strengths), and its tone is uneven. But Waterworld is nowhere near as bad as its reputation suggests.