I don't think there was a single moment in the film INDY IV where I felt like I was watching something new. The film has constant reminders of other films, and not just the other Indy films; several times there are homages to CADDY SHACK.
It's a dopey script that's not very well executed. Dialogue scenes seem to exist only to string the action scenes together, and the action scenes are comically unbelievable. Visual effects were weak overall, looking more like a video game than the classic Indy films. Actig ranged from mediocre to terrible.
I'm not quite sure why Sean Connery was not in the film. Perhaps he was the only one smart enough to turn the script, even though it is basically a license to print money.