I saw this at a screening when I worked at MGM in the mid 90's.
Having seen lots and lots of student films, this is by far the best one I've ever seen.
It's a commentary on the class structure of our American society (you know, the "class-less society") in a way that you will never see coming.
Even now, every once in a while I'll see something during my day that reminds me of the film. That's what prompted me to see if the film was listed here.
To me, that's the ultimate test of a great film.