Factual error: Shortly after our hero ejects you see the pilot flailing around trying to pull the ejection handle. In a Navy aircraft with two crew, the NATOPS manual (Naval Aviation Training and Operations Manual) clearly states that the seats must be set in the "command eject mode". This means, regardless of who initiates the ejection procedure, the rear seat goes first, followed by the pilot 1/2 later. There is no need for the pilot to pull the ejection handle.
Continuity mistake: After seeing his pilot get shot, Owen Wilson's character starts running uphill while being shot at. Of course you know he's being shot at because you can see the tracers. However, after cresting the hill, and starting down the other side, you STILL see rounds going past him. How did they get smart bullets?