A close second is the sequel...
Here's a review from dvdmaniacs.net:
CATMAN IN BOXER’S BLOW
Now that the immediate threat that the evil Cheever posed is out of the way with, his minions have nothing to do to keep them occupied. They head out and find a new man to lead them into bigger and better evil deeds, and they find him in the form of a ponytailed guy who always wears camo fatigues. They ascertain that he is the right man for the job by having some people fight each other, thus proving who is the roughest and toughest of them all.
When some of Sam’s contacts at the CIA discover that a woman who was once tight with the late Rev. Cheever’s gang has acquired some sort of unidentified and very unspecific nuclear device that may or may not be capable of doing a whole lot of damage of some sort, Catman meow’s back into action with a mighty ‘alley oop’ and brings his buddy Gus along with him for help.
It turns out that these punks are going to hold the possibly nuclear device for ransom, and if they don’t get the money they want, watch out, baby! Kaboom! Catman and Gus go undercover to infiltrate the gang and save the world, but will they be successful?
Again, there's a lot of padding in this one, way, way, way more so than in the first film. Some of it is great, like when a crazy guy shows up in the jungle and amazes his friends (and probably you too, should you choose to see this film) by eating worms.
Thankfully, the last ten minutes of the film are pure gold. Catman comes to rescue Gus, and in doing so, calls the bad guys nasty names like 'mother ****ers!' before he kills them all. The final showdown between Catman and camo-ponytail man is the stuff that big screen fight legends are made of and this battle does not disappoint because it's got a lot of explosions and jumping and bleeding and most important of all, posturing.
Catman's dialogue is great. It's like it was written by an angry eleven year old boy when he was sent to his room. It's almost like a prepubescent child is taking out his anger through Catman's own words. This gives the film a sense of realism. Ok, no it doesn't. There's nothing realistic about this mess of a film at all, but it sure is wacky.
What’s important about these two films isn’t where they came from or which film Godfrey Ho swiped footage from to pad out the running time. No. These things are inconsequential.
These films present us with a new hero for the ages. A hero with a kitty-kat logo on his chest, who jumps around like an extra from Gymkata and who uses the ‘F’ word a lot. Catman is that hero. He’s a man’s man. He stops bullets using leather wristbands that look like they were stolen off the back of Manowar’s tour bus, and he has laser eyes.
He also knows kung fu and his secret identity is Sam, which is a very tough name. He has the strength of a cat and can punch through walls much like the Incredible Hulk can. He has a sidekick named Gus, which is also a very tough name, who wears a lot of acid washed clothes, and the ladies cannot stop thinking about him because he is too sexy. He’s been dubbed by someone who sounds like Dudley Dooright Of The Mounties, he kind of looks like an older, uglier Justin Timberlake with that frizzy blonde hair of his, but that doesn’t matter – because Catman is bad ass. He's someone we can all look up to, even if he has a potty mouth.