I found Amy's entire argument against the bullying thing to be pretty absurd. I don't know if the alpha-male pecking order still exists between friend groups at this age, but considering the period, it certainly is accurate. Is that a reason for a film to be Canon--worthy, though? I could argue it is a merit that very few other films achieve.
Does it prey on nostalgia? I could argue that the film capturing the atmosphere of being a child as opposed to making specific references implies a level of storytelling skill which excels past, as Devin stated, something like Family Guy. But that's not a real argument, is it? Eh, whatever.