If you find Mr Cruise a bit arrogant for your liking and avoid his films, don't avoid this one for that reason. He's cocky for sure, the part demands it, but not in the same uber confident way he now is. In fact as his debut it probably suggests he's rather a good actor, if he'd just stop playing himself (which he does here too, to be fair)
It really is a very entertaining film - perfect for teens as well as adults. It's 18 but I'd say 15 would be more than adequate and I would not mind it being a 12, although it will be enjoyed more by the over 15's I think. Very little nudity; one rather steamy scene and some adult themes about call girls, but it won't tell you anything you didn't know.
Really entertaining, nothing heavy duty. There are supposed to be deep meaningful undertones to the film if you look at the directors cut and explanation, but don't let that worry you!