There is a great beginning, an interesting plot and reasonable performances but action is the word to describe Terminal Velocity.
The first scene takes place in the desert. A Young woman is driving fast and erratically. As her car is surrounded by dust, an object suddenly catches on to the windshield and she is forced to stop to clear the debris from her line of sight. Two large lights appear behind her car. A short time later Chris Morrow (Nastassja Kinski) appears at a rundown parachute training school asking for an immediate lesson from Ditch Brodie (Charlie Sheen). Ditch likes what he sees and changes his schedule to accommodate the lesson for the young woman. In the air Ditch turns away from her for a few minutes and she falls to earth. She is pronounced dead.
From that beginning all kinds of avenues could have been pursued. Ditch, although if your name is Ditch you probably wouldn't either, could have used his mind and this could have been a great thinking complex mystery a la Hitchcock. Ditch chooses the path of least resistance and the film becomes an action film, and the action is plentiful and skillfully carried out.
The bad guys are one dimensional and offer little resistance except to put Ditch in positions where he can act like a superhero or Jams Bond. The places he escapes from are wild. The ending sequence with two planes and a convertible is one of the best
For my taste this would have been better as a well played out mystery with clues unraveled slowly and carefully while the hero survived the danger. It is, however, a pile of action sequences tied together with enough story to make it enjoyable.