I saw Fame when it first came out. It deals with the high school class of 1980, which was coincidentally my year of graduation. I saw the movie in the summer between high school and college and, being a performer myself, it holds a special place in my heart.
The biggest criticisms of Fame usually have to do with continuity, and there are definitely some story lines that either are not completed or don't make sense. However, those problems are more than made up for by the passion and emotion of the characters and the incredible music.
I saw it again recently and was surprised that I still loved it as much as I did the first time. Fame is often compared to Flashdance, which I don't think is fair. Although Flashdance has some great music and Jennifer Beals is gorgeous, I think Fame is vastly superior in the development of its characters and the complexity of its stories. For anyone who truly loves the arts, this is a must-see movie.