This film suffers from a common problem with superhero films: a mediocre third act. It starts with the montage sequence, which was both short and extremely fast-paced - like they felt pressed for time and just had to blow through it all.
In doing that, Red Skull and HYDRA lost some credibility in my eyes. Despite the fact that The Skull possessed bombs fueled by an other-wordly device, I really didn't find him all that threatening by the third act. Captain America and his boys were blowing up his factories and knocking his soldiers about with relative ease. Afterward, Red Skull shows up at each destroyed facility stomping his feet and throwing tantrums. This is only made worse when Captain America and the Colonel's troops were able to infiltrate his main base (HIS MAIN BASE) like it was a casual walk in the park.
This guy was supposed to be a ruthless and cunning mastermind. But by the time we get to the third act, HYDRA seems like nothing more than a collective group of bumbling morons - making Red Skull look both incompetent as a leader, and ineffective as a truly believable worldwide threat. Which, for me, is one of the greatest disappointments of all - seeing how great the character was in the first half of the film.
This film would have benefited greatly from twenty more minutes of development in the third act. Slow down and let the climax of the film breathe a little bit.
As for other gripes:
1) Other than fan service at its most shallow level, I really don't think the inclusion of the Howling Commandos was justified based on how they were presented. Either give them more to work with, or don't bother. I'd say it was nice to see them, but they weren't even given names if my memory serves correctly. They were just kinda there, and they really didn't bring anything to the table other than... just being there. And while he certainly got more to do, I pretty much felt the same way with Bucky. He was just there to advance the plot in places. Nothing more.
2) I wanted Nazis goddamnit (I know. How sick does that sound
?). If you're telling a story that focuses on America's campaign in Europe during WWII, you have to have Nazis. That's all there is to it. Besides, there's something about seeing Red Skull in a Nazi officer uniform that the movie's HYDRA version can't hold a candle to.
That's not to say HYDRA couldn't have a role in the film, but I think it's ridiculous that we saw next to nothing of Nazi Germany in this film. It was America vs. HYDRA. Lame.
Even if it was just one scene, I would've loved to see a Hitler/Red Skull interaction - seeing as how the two shared a fascination with the occult.
3) The ending bugged the hell out of me. First, the shot of the kid with the trash can shield came across as the most random thing in the world. Was that supposed to be the original ending? It felt ridiculously out of place. The first time I saw this film in theaters, I distinctly remember thinking, "What the hell?"
Second, I echo the thoughts of others. The fact that Steve's first question after finding out what happened
isn't "Who won?" drives me insane. I get that he cared for Peggy, and the movie still could have ended with the "I had a date" line, but they've GOT to work the war in there, and it's GOT to come first. That's just who the character is. They didn't have to dwell on it. A simple exchange like this would've sufficed:
Steve: Where am I?
Fury: The war's over, Steve. You're home.
Steve: Who won?
Fury: We did.
Then continue the ending as it played out. A crude example, but you get the point.
Speaking of the "I had a date" ending, I found that to be pretty depressing. Which isn't bad, mind you. Though I did find it incredibly odd that they followed that sad moment
immediately with an incredibly upbeat song in the closing credits.
4) I didn't like how Howard Stark essentially came across as Tony Stark Lite. I would've liked to see him as the polar opposite of his son.
5) It's a minor nitpick, but the gray chest straps on the suit drive me absolutely crazy. If the straps had been the same shade of blue as the rest of the suit (like the concept art of Captain on the battlefield), and if he had had exposed ears, the suit would've been pretty much perfect.