I haven't read the book but now I'm thinking maybe I should. I really liked this film. Plus it was adapted and directed by the author of the book.
It nails the small moments and ennui of being a teenager in the early 90's pretty well. Plus, it has a bit of a John Hughes feel to it. Tell me that that shirt on that kid on the left doesn't remind you of Ducky.
The acting was stellar, the emotions felt real, everything felt honest. Pretty much my only major problem with it was these are kids who supposedly know about Nick Drake (pre VW ad) and The Shaggs but had never heard of Heroes by David Bowie. Doubtful.