Bad characters. Bad dialogue trying to pass as witty. Just a bad, bad movie. Painful at times. Not far off from a talking heads movie, yet the conversations were slow enough that even if the movie involved gunfire they'd still be boring.

And, no, the characters would have been stereotypes back in 1981 as well. A bad movie is a bad movie, no matter how one tries to sell it as a "well, you had to be there". Well, I was there. It wasn't like that. It didn't suck this much. No excuses, please. See "Last Days of Disco" if you want relative accuracy... 200 would suck in any era.