Continuity mistake: Michael Manfield (Danny Pope) walked to the Phillips' house for the in-house music presentations, but on his way home when he was sitting by the lake, his bicycle was on the ground. There was no indication that he had gone home first - he was throwing away the hat he took from Lorna's room, and he was still wearing a tie. (00:38:51 - 00:42:52)
Continuity mistake: Clearly a different guy playing Zack in the beginning as he looks to be over six feet tall and has a full head of combed back brown hair. Zack later on looks like he's only 5'5" with receding brown hair.
Factual error: The events in the film take place in mid-1929, as evidenced by the first Academy Awards being presented in May. However, Wyatt Earp went to the happy hunting grounds in January of that year.
Other mistake: Christina suggests that they have found Atlantis. However, they start in Hawaii, which is in the Pacific. The general consensus is the Atlantis is in the Atlantic (or Mediterranean) and not the Pacific. Some people do suggest that the lost continent of Mu is in the Pacific.
Visible crew/equipment: When Guarino is being taken away by The Hunter, you can see the rope used to pull him in the upper right corner of the screen. (00:46:05)
Plot hole: At Tim's funeral, Olivia's attorney tells her that Tim had himself removed from Olivia's Last Will and Testament, proving he loved her and didn't want her money. However, an attorney could not legally change a client's Will without that person's knowledge and drafting a revised version.
Suggested correction: Not true. Anyone can have themselves removed as a beneficiary of a will. This is done by signing an Affidavit of Disclaimer of Inheritance at such time as someone becomes aware that they have been included in a will as a beneficiary. This is what Tim meant when he said he had removed himself from Olivia's will.