I think it's ALMOST a decent adaptation...
-I understand that Spawn's long, epic story from the comics needed to be trimmed down in order to fit into a feature-length movie. Truthfully, I like the little pace-maker bomb plot. (If you want the longer, drawn-out, deeper story of Spawn, stay with the comics or hit up the animated series, which are much better.)
-I understand that CGI wasn't as good back then, and I understand that special effects that were lower priority needed to be put on the back burner. The Violator and Spawn's cape look okay for their time, but Malbolgia and Hell look terrible. Obviously they needed to focus their budget on certain things, and I'd much rather have them focus the money on Spawn and the Violator than Mal and Hell.
-I understand the business move of making it PG-13. I would have liked it a little more dark and violent, but I think the content that was there was heavy enough for me. (The "R-rated Director's Cut" is a complete joke. The additions don't feel like enough to change the rating. Some of the dialogue is a little better though.)
BUT... even though I am understanding when it comes to all of these things, I gave this movie a 5/10. My main issue is that it's just poorly made, plain and simple. The dialogue is cheesy, the editing is hyperactive, most of the acting is terrible, and the additions in the Director's Cut actually make the editing more clunky and unprofessional. Some of the additional lines in the D.C. are even worse as well. If the script had been reworked a little and given to a slightly more calm and down-to-earth director, this could have been a decent-enough adaptation.
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Remember that time I ate your family?