Pretty much the predictable, cheesy teen film that you'd expect. It does try to pass some pretty good morals, but while still exploiting the porn star/sex themes as much as possible at every opportunity. The story itself is preposterous and impossible to believe from the start, but that might be on purpose (maybe it's just supposed to be a dream). The acting from Emile Hirsch is basically the same guy he always plays, but it's decidedly above everyone else here.
It'd be fun to watch with friends just for laughs, but avoid it otherwise.
In a sentence:
A predictable and exploitative romp through preposterous plot points and one-dimensional characters. Still, the morals are pretty good, and it's generally entertaining.