Willis underplays the whole way, which works well with Malkovich's overplaying. Willis nearly always has a little grin, as if he knows how ridiculous the whole thing is but doesn't care because he's having fun. I had fun, too. Malkovich has a throwaway line that I laughed at, but no one else did. Maybe it was too much of an in-joke for everybody else, but I liked it. But then I liked pretty much the whole over-the-top thing. Especially the gators. Yes, there's a great gator sight-gag. No wonder I had such a good time.
[SPOILER ALERT]: Here's the Malkovich line. At one point during a gun battle with the Secret Service, he says something like this: "I seem to remember that the Secret Service used to be much tougher." I instantly flashed on In the Line of Fire, in which Clint Eastwood played the Secret Service guy who was taunted by the would-be presidential assassin played by, you guessed it, Malkovich. [END SPOILER ALERT]