Caught this tonight on cable and have to say it surprised me - didn't figure out what was really going on, even though I knew that what was being shown wasn't the entire story, and I have seen so many films like this, where what you see isn't exactly what you get, where you can't take anything at face value, so it shouldn't have fooled me. But it did. It's the sort of movie that leaves you shaking your head at the end, wondering why you didn't see it coming (no pun intended).
Sheedy, Baldwin and Kensit turn in clever performances, with enough eroticism to keep you watching and wondering where the heck it's actually going. I don't know if it would be as enjoyable in a movie theater, but seeing it at home from the perspective of my couch was a decent experience.