And wow, was that a mess. The biggest problem with this flick is that it sets up a supernatural-tinted storyline, with a Wendigo and cursed silver... and than totally drop that for a mundane story about bad guys wanting to kill Indians so they can get the silver mines on their land. That super-intelligent horse that somehow can seemingly teleport himself anywhere he is needed? Never explained. The fact that the Lone Ranger gets visions when touching a chunk of silver the first time? Never explained. The fact that the Lone Ranger was dead and came back to life. Never explained.
To other really problematic bit is the framing device of Old Tonto telling the story to a kid dressed like the Lone Ranger. Now, I have nothing against framing devices, but this one is the worst I've ever seen. It makes no sense! Why is Old Tonto pretending to be a statue in a carnival exhibit? How does he leave at the end? Were the fuck did he find that suit and suitcase? Did his bird come back to life at the end? How? Why?
Also, the kid often interrupts the story to points out that this plot makes no sense whatsoever. And then Old Tonto just shrugs and continues on. This movie literally points out its own plotholes — not that they need to be pointed out mind you.
I'll say though, that last action scene with the William Tell overture was fun.
So in conclusion, if you want to see a movie about a masked crime-fighter on a white horse in the Old West, just rewatch The Mask of Zorro instead.
ETA: Man does Arnie Hammer look like a goober. At no point does he look like a masked hero of justice - he just look like a naive, clumsy idiot all the way through. Basically, in this movie, The Lone Ranger secret identity is Jon Arbuckle.