I haven't seen Kick Ass but is this kind of the same thing?
A guy who trains martial arts obsessively happens upon a burglery/ home invasion going on. He beats the guy stealing stuff up and takes his mask then beats up the other guys who are in the house assaulting two women. He goes out and stops more crimes and gradually develops a Mirageman costume and a following.
The fights and choreagraphy are very good and realistic while the scenerios are often consciously silly. You can't really be a superhero because most crimes happen randomly and are over really quickly. A guy steals a purse and runs off, when do you have time to change into a costume? So this and other logistical problems are the comic relief and it contrasts with the tight HK style fight scenes.
For a homeade effort it's remarkable, but when you see action movies you expect to be blown away and don't tend to afford it the same slack you would an indie movie. On some level the movie itself is kind of analogy for the absurdity in trying to make a HK/ Hollywood style action movie on a small budget and it doesn't always come up with a reason, either with the action or the comedy or quirky makeshift creativity, to see it over one of those.
Also, the fight scenes sometimes do the thing where they hit the guy once and he like stays down. I'm sorry if you hit a bad guy in the leg once he's not going to be out of commission. Bad guy are very determined! It's probably done for good reasons like so the scene won't be too long and they don't have to show a guy pounding on someone till where they would actually be unconscious which could get a little gory and disturbing, etc.
Whatever, it's hard to say really, maybe I was just in a crabby mood. Quirky, understated, good action sequences and the fact that it's the only movie from Chile I can recall seeing merits it a "worth checking out" for sure.