The only piece of "modern technology" in the film is the new car that Pacino, Walken, and Arkin drive throughout the film. If you notice, every other technology used is very old: rotary dial phones are used constantly; many AWA televisions are seen, one showing an old episode of what appears to be Soul Train; and several old cars are seen in the background throughout the film.
The film is dedicated "In memory of Bingham Ray," one of the executive producers who passed January 23, 2012.
According to director Fisher Stevens, it's set in a fictional city, all filmed on location except for Doc's apartment.
The beast of a car was a Dodge Challenger SRT8.
Al Pacino says "I'm just getting started." This was also a memorable quote from Pacino in Scent of a Woman.