Sure, it's rough around the edges, and it definitely feels like Cameron Crowe's first script, but there's an honesty and a warmth to this movie that strikes me whenever I catch it. As far as high school movies go, it's not as seminal as American Graffiti or Dazed and Confused, but there's a reason it's still remembered (and it's not just the Phoebe Cates pool scene).
The pinnacle of teen movies and one of the greatest comedies of all time. Outstanding ensemble cast and brilliant script which is as lewd as it is wonderfully moving. A classic, and will remain so for as long as there are movies.