I watched this masterpiece when it was released in '87 (I think) in Tokyo and then on a flight from Tokyo to Honolulu. It was pretty good then and after 17 or so years it still looks great. I watched it this time with my 15 year old son for whom already the age 12 is history, the object to nostalgically look back on. He loved it, too.
All the interactions among four boys (plus their elder-brother brats) are really hilarious and give good material to learn Americanism. The confrontation between River Phoenix and Kiefer Sutherland is good to watch and makes us all the more sorry for River Phoenix's premature death.
Of the four kids I always liked bespectacled "Teddy Duchamps" the best. My son is of the same opinion. "He's a bit like me," he says. Talk about heredity.