The science class's pet tarantula is named "Leo G.", a reference to Leo G. Carroll, star of Tarantula (1955). (Also, the school is called Waverly, which was Carroll's character's name in "The Man From U.N.C.L.E".)
After the movie's cinematic debut, Joseph Mazzello was asked in a magazine interview how he liked the role, with the interviewer assuming playing a kid in an exo-suit must have been exciting. Joseph replied it wasn't very much fun, since a stuntman did all of the exterior shots of the Cyborsuit and all he got to do for the reaction shots was sit on a stool in front of a screen.
When Spencer tells a joke to the robot, he says, "What do you call a cow with no feet? Ground beef." Which makes no sense. But later when the robot repeats part of the joke back to Spencer on entering his room for the first time, the robot says, "A cow with no legs." Which makes sense. So Spencer clearly mis-told the joke at first and it was just never corrected.
The comic book is called "Midknight Warrior". This was a made-up comic for the movie. Manny Coto, director, had made up several versions of these comics for the movie.http://www.darkhorse.com/profile/profile.php?sku=96-843