A film I found extraordinarily bad from a steampunk perspective (as in, forgetting the steamy roots of the original story entirely) was the recent version of War of the Worlds. The older versions are much better.
A movie that isn't much for plot or quality, but has some action in it that's reminiscent of SP, is 13 Ghosts. It opens with a scene that looks straight out of a cheesy Lovecraft and it features the most fantastic glass house. It'll never win any drama prizes, however; it's a cheap B quality horror flick.
Another cheapy horror flick that has some steampunky scenes in it is the recent version of The Fog. Again, the film itself is really, really bad. (You'll notice a pattern with my view of movies). But the "flashback" scenes to a clipper ship from the 1880's crewed by, um, persons living with Hansen's Disease (and all in period clothing) are somewhat SPish. If you rent, just skip through and look at those.
