He felt he had 1 fight left in him and given that he wanted to go against a much younger guy in his prime, it is quite commendable.
This is incorrect. In the movie, he applied for his license to start fighting again, not just for one more fight. The championship opportunity just came up because of the computer game. That's what I meant by him being a typical athlete who couldn't let go.
I agree with you about the son. He needed to stop whining. But, when you watch the entire series, you'll see that Rocky's initial title shot was a fluke. He was working as a collector for a loan shark at the time, when the current champ picks his name out of a fighter phone book.
So, Rocky gets the shot, goes the distance, makes a name for himself, but promptly blows the money, and ends up working in a gym.
He gets another shot, wins the title, has a tremendous run, makes millions, but BLOWS THE FVCKING MONEY AGAIN, and ends up running a small restaurant to make ends meet.
I actually have a copy of the script. In it, Rocky talks about his success being a fluke, and by all rights he should've ended up a bum. They cut that part out of the movie, because they knew it would've made the speech he gave to his son about being a winner seem disingenuous. I've also read the original Rocky script. In it, there's a scene where the Mayor of Philly calls Rocky in for a meeting and points out that Rocky had like 19 arrests for various charges. They cut that out of the original Rocky movie, I guess to make the character seem more sympathetic.
That said, I enjoyed the movie for the reason Chainsaw gave. It was a simple story without over the top special effects and space aliens.