I remember watching it in the theatre as a kid and was blown away by it. I find it interesting that it had Cronenberg's editor working on it as well. Aside from stuff like Robocop and a couple of other things this was a cyberpunk movie I really got into. Ice T, Keanu and a dolphin all in one movie. I can wait for it to get released internationally so I can see it in my region in black and white.
The scene where you witness the protagonist's conversion into a robot from his point of view could be straight out of Ghost in the Shell. Actually, I don't think GITS is nearly so cynical; Robocop is nearly as cyber but even more punk. OCP and the government turn him into a machine with a callous disregard for his rights and wellbeing.
From Wikipedia: "Cyberpunk is a subgenre of science fiction in a dystopian futuristic setting that tends to focus on a "combination of lowlife and high tech"". I think the film makes an excellent work of portraying that dystopian future.