Terrible, terrible movie, but I love it. It's such a bad take on the Rocky/Karate Kid formula, and most of the fun, in my eyes, is that I'm not sure if the film makers and Van Damme knew how dumb the whole think actually was while they were making it.
The dancing scene for instance, are they taking the piss, or is it a genuine attempt at good comedy?
Anyway, the only part of the movie that actually works as intended is the mood they set up for the last fight. The dingy arena and the gloves lined with glue and broken glass give you this feeling that shit is about to go down. Feeling that is promptly ruined when the fight itself is as dumb as the rest of the movie and they don't ever really touch each other with the gloves.