Do Not Do This Cool Thing: Despite this film having a fairly grotesque portrayal of drug use and the ways in which the harsher aspects of club culture derailed people's lives, it still has a good-sized Misaimed Fandom who think the whole Club Kid thing seems like a blast.
Michael's wish to run away with his first boyfriend by hiding him in a large cardboard box, combined with him affectedly declining to carve a turkey because you know he couldn't bear it and James snarking that carving up meat's the best part make what happens to Angel all the more gruesome.
Seeing Macaulay Culkin play an increasingly frail drug addict is a little grim considering Culkin would develop drug addiction problems of his own.
Moral Event Horizon: James St. James tells Michael that their friend and very first protégé Christina has died... and Michael barely reacts, pushing him to come out and party regardless. It's not the worst thing he ever does, but it's the tipping point for the worst of his callousness to come. In another sense, his talk show antics are a breaking point for many of his friendships.
Too Bleak, Stopped Caring: To a tee — more than a few viewers found being asked to follow along an entire film with such self-destructive, unlikable characters a tall order.