For those with the Movie Channel, this will be playing for a rather rare airing on July 17th at 3:!5 am EST. I heartily recommend TIVOing it and giving it a shot.
From Allan Arkush, the director of Rock 'n Roll High School, it is probably the best comedy that no one knows of. The casting is inspired (Malcolm McDowell playing a Mick Jagger type and Lou Reed playing a Dylan-clone) and pretty hilarious. I even like it more than R'nRHS.