These are what we call the 'YMMV items.' Things that some people find in this work. We call them 'your mileage might vary' because not everyone sees these things in the same way. This starts discussions in the trope lists, a thing we don't want. Please use the discussion page if you'd like to discuss any of these items.
Best Known for the Fanservice: Quick, what's the first thing you remember from this movie? Judge Reinhold getting fired from his job? The gas station robbery scene? Bullshit. You remember Phoebe Cates removing her top. Don't even try to deny it.
The story goes that video stores' copies of the VHS tape broke from having that scene re-wound and played over and over and over again.
Thanks to this film, there is an entire generation of men who can't hear "Moving in Stereo" by The Cars without thinking of Phoebe Cates' boobs.
Hilarious in Hindsight: Linda is obsessed with older men. In real life, Phoebe Cates is married to the much older Kevin Kline.
Just Here for Godzilla: The Phoebe Cates topless scene is so famous that some people have admitted to renting, buying, or illegally downloading the movie just so they could see it.
Memetic Mutation: The scene where Phoebe Cates climbs out of the pool and removes her top has been parodied countless times over the decades, with spoofs of the scene appearing in The Man Show, Family Guy, and even the video for "Stacy's Mom" by Fountains of Wayne.
Funny Moments: See Spicoli. See Spicoli try to think. See Spicoli get a pizza delivered to him in history class.
Values Dissonance: Early in the film, one student tapes a note saying "I'm a homo" to another student's back. Such an act would be a lot less acceptable nowadays.
Not to mention Spicoli's dream: "Those guys are f*gs!" (Presumably in the setting of a live TV interview, no less!)
Vindicated by History: Upon release, the movie was largely panned by critics (no doubt due to the already-existing glut of high-school/college sex comedies during that era). Today, it's considered by many to be among the best high school movies ever made.
Made double by the fact that many of the film's vindicators are critics who had actually formerly bashed the film when it was released, admitting that they let their emotions cloud their judgments.