I really like this movie. I like it not just because it's a great early 80s movie with a GREAT soundtrack but I found that it has some thought-provoking moments. They are just moments; not the entire film. It's definitely not like "Less than Zero".
The scenes deal with typical peer pressure and also with more difficult problems, like the betrayal of trust. These problems are not easily resolved or forgotten by the characters. Certain scenes will stand out and invite reflection on one's own teenage experiences and how those experiences may have affected one's character and outlook as an adult.
You can watch this movie and think about the problems young adults must face, and about your own experiences. Or you can just pay attention to the boys' quest to de-virginize themselves! :) Either way it's a good movie.