Steven Seagal is now an employee of Aegis Oil where he is some sort of hired muscle and a former member of the CIA (his exact job seems unclear). After stumbling upon a sinister plot from his boss (played by an angry Michael Caine), he is marked for death by his employer and nearly killed. But after being revived by a tribe of Eskimos (including Joan Chen, who is actually Chinese) he returns to fight the oil company and give long speeches about the environment.
The formula here is the same as "Hard to Kill" -- Seagal finds a powerful man doing evil, is left for dead, healed by some spiritual stuff and returns to fight with a new love interest. So if you're looking for something new from Seagal, you're looking in the wrong place. The only new thing here is his directing and increased monologues.
This film's strength is in its co-stars. Joan Chen ("Twin Peaks"), Michael Caine, John C. McGinley, Bart the Bear, R. Lee Ermey and Billy Bob Thornton. An incredible line-up. Unfortunately, as good as they all are (especially McGinley, as the feminine assassin) they are stuck in a poorly written film with re-hashed plot and action sequences that are old and revolve around characters who yell "ow, my balls" a lot. I also think the emphasis on the Eskimo spirits was too intense. I appreciate what Seagal was trying to do by promoting the native people and their culture, but it was boring and took away heavily from the flow of the film.
Of the Seagal films I've seen, this was by far the least enjoyable. I found it a bit of a challenge to finish. See "Hard to Kill" or "Under Siege" if you like some Seagal action... this one is a bit of a bland flavor. Only for Seagal completists.