Of course, the theme is so stupid to begin with it's hard to imagine anyone making a success out of it. Captain America? It's just embarrassing.
A patriotic, do-goody superhero wearing the colors of our flag and fighting for justice, how could that ever succeed? You might as well call him superma--- oh wait... 

Just as an FYI, Captain America was created during WW2. Sure it may be a bit dated, but as far as the golden age of comics goes, Captain America is about as iconic as it gets, apart form the Sup'.
I do know there is a Captain Canuck in Canada and a Captain Britain in the UK. I don't know much about Capt'n Canuck, but Capt'n Britian draws a lot from Arthurian legend.
I think it is pretty darn common for countries to have at least one "national superhero" 
Like Vigo stated, why would that be embarassing? What is wrong with patriotism now adays? Its like people are ashamed to be American or something. Yeah, why wouldnt they? Everyone thinks that their culture/country is the best, why shouldnt we, and like Howard said, we are so... yeah.
Granted the movie isnt what I would have done with it, but I liked the writing, and the theme, the art direction, my only problem was the casting. I hated how they used Chris Evans for Captain America, when he was already tied to Fantastic Four. I thought Hugo Weaving as Red Skull was awesome, he was by far the best part of the movie.
Thats another sign of the times, Superman used to fight for truth, justice, and the american way... They even changed that in the script of the remake because they didnt want to "offend" anyone.

Its ridiculous. If any other country created stuff as cool as us, I would be into that as well.
I think the Spiderman movies could have been better too, if they cast someone aside from Tobey Maguire as Peter Parker. The dude cant act, he freakin sucks. But the production was top notch, especially on the second one. The third one was atrocious, as far as Im concerned, it never existed, just like the fourth terminator.
Hopefully Avengers doesnt suck, I just want the Hulk to do some badass stuff. I got my Avengers fix from the cartoon series, that was great.