My impression...inauthen tic
Sorry, I don't quite buy that in 1973, the New England country club set would repudiate the social conventions (and moral principle behind them) that they were brought up with so openly and matter-of-factly. Not that I am sure that there has never been any key parties in that milieu, but I don't think key parties were representative of the times. Thus, I feel that the film was a bit inauthentic.
And without the key party, the stories are rather boring. Mikey the spaced out kid and Sandy the pyromaniac have potentials, but nothing beneath the surface is revealed.
Note that in 1973 Rick Moody was 12, James Shamus was 14, and Ang Lee was still in Taiwan. This is a 1973 collectively imagined by the three.