Sure, it panned out exactly like every film ever made about a group of kids getting together for a big project, with a plot arc as inevitable as that of Greek tragedy and the usual grab bag of stereotypical children (bossy little girl, geeky little boy, fat kid with amazing voice, rebel, quiet one with psycho dad). But it was fun and feelgood, and had some great songs - although the hero's taste was all AC/DC and Black Sabbath, the soundtrack had The Who and Cream, and the nerdy no-mates Oriental boy with the talent for classical piano was introduced to the joy of synth via the opening bars of 'Touch Me' by The Doors.
And the kids all used Macs. Because Macs rock.
I still think, though, it would have been cooler if the producers had gone with School of Indie, in which a maverick teacher inpires his class of loveable scallies to sit alone in darkened bedrooms writing songs about suicide.