I'll agree that although dated and something of a throwback, Cobra did have some good action sequences.
But one thing that always bothered me was that strange psycho cult. What exactly was the reason for their existence, what were they trying to do, what were the odd rituals they were performing with the axes?
It just seemed they were thrown in as a bunch of nutters, there to be despatched by Stallone at will.
But if there had been some sort of reeason given for their motivation, it might have made for a more coherent and believable plot.