The first MK was a big favorite of mine when it first came out...I even have it on laserdisc. The more I watch it now though, I see just as much of the cheesiness as I do the awesome fights. It's a lot like a Ray Harryhausen movie, if you think about it.
MK:A however...I saw that once in the theater, and I thought it was pretty good...then again, when I've got popcorn and soda with me, anything seems good. Watching it now, I find it totally abysmal. More groan-worthy dialog than the first movie, villains killed off too quickly, a lame, over-the-top Shao Kahn, and worst of all, extremely crappy, plastic-like costumes for the ninja characters.