I just watched it, having picked up a used copy from Amazon and I was shocked at how good it was! I expected the worst, based upon all the horrible fan reviews. Is it as good as Indiana? No, probably not, but there were no scenes as absurdly preposterous as those we've seen with Indy either. (Refrigerators and A-bombs?) I wish it were 30 minutes longer, to tie up some loose ends and have a more satisfying climax. Still, a solid 7-8 stars in my book. I enjoyed the hero and his plucky girl a lot. I just like Aussies I guess.
Yes its a cash-in on the Indy Jones and Romancing the Stone -type subgenre. The tagline references both of those films and then states "Now let the real adventure begin."
I hadn't see aussie film directly cash in on popular movie motifs this blatently before, although we ALWAYS attempt it with Sitcoms (usually very poorly, too! - refer "Bligh", a direct rip-off of "Black Adder").
Sky Pirates is a terrible film and one of my all-time favourites. Heh.