They don't make 'em like this any more. No, really - I'm not just being nostalgic. While this is a funny (and sometimes side-splitting) film, there's a couple of things that set it apart from the teen-sex-comedies of nowadays, American Pie and the like.
Firstly, it's set in a regular American high school - it's set in Florida, but there's a sense that it could be anywhere really - it's not a rich, glossy, place filled with what look like models, just filled with regular guys chasing after regular girls. You identify with these people. Secondly, it's quite open about the downsides of the time and place - the violence, racism and anti-semitism - and this gives it an edge which is completely absent in a film like American Pie.
But the comic setpieces are wonderful and totally memorable - the shower-scene must be every adolescent guy's fantasy, the scene with the black guy terrifying the life out of the guys is genius, the incident with Kim Cattral ("hooooooooowwwwwwwwll!") will have you in stitches, the battle-axe teacher is straight out of Hattie Jacques territory and played with brilliant eyeballing ferocity ("It's got a mole on it!"), while Peewee is a character that's at once completely pathetic and totally engaging.
This isn't sophisticated or witty, but it has a vibrant, lively vibe that's really engaging. Good stuff!