This is an important film
It seems like people tend to fall into two main camps about this film: those who consider it worthless immature garbage, and the "frat boy stoner" types who are endlessly quoting lines from it with their buddies.
While I admittedly fall squarely into the second camp, I also think it deserves more serious consideration in the pantheon of comedy movies. The brand of humor in this film is unique. Some might argue it's a clone of Animal House, Caddyshack, etc. It's definitely strongly influenced by those movies, but there's also something else about it that makes it appeal so strongly to the "millennial" generation, i.e. those born late 80s/early 90s. It is a watershed film, strongly influential to the "hipster"/"ironic" culture of today's twentysomethings. I consider it one of the defining films of that generation, much like Bringing Up Baby, Some Like it Hot, and Blazing Saddles were to previous generations.