Most people who've seen this film agree that it's an overlooked classic in the teen angst genre. I'm not a fan of after-school-type movies, but this one is far from it. Everything comes together so well -- the writing, the acting, the soundtrack -- that it easily holds its own against darker angst-ridden films like the Breakfast Club or Donnie Darko. It's not full of four-letter words, sexual exploration, drug abuse, or any of the other cliché problems of teen life, but rather deals with the more day-to-day high school drama of bullying and crushes in a way that's both more innocent, yet more disturbing because of its accuracy. Similar to Pretty in Pink, but better because I think there's better chemistry between the actors.
It amazes me this movie is not on DVD, but I'm guessing it will be someday. If you have a VCR and can get a copy, check it out. Any movie that features Mazzy Star's "Fade Into You" at the high school dance can't be all that bad.