Jonah Hill and Michael Cera are excellent as the two friends. They play it right on the edge - are they in the closet, or is it just that their loyalty to each other has gotten in the way of their het love lives?
Emma Stone as the heart throb DDG girl also does a great job of keeping us guessing whether she really is attracted to the little fat kid, or if she is just using him. And the girl in the obligatory "cops burst in while teenage couple are boinking" scene is the bestest eye candy in ages - her stage name is Aviva. I would sell myself to the gypsies to be with her.
Otherwise, poorly acted, poorly directed, not particularly well photographed, and a sound track consisting completely of canned songs nobody had to pay much royalties for. Audio editing was good, though.
I'd not spend matinée money on it - but it's worth a rental. I suspect it will be available real soon.