I first saw RHPS when I was eleven. My friend had a copy of it. (I'm starting to realize through my posts here that my friends were bad influences by my mother's standards, anyway.) I loooved it. I thought it was simply the most fantastic movie I had ever seen in my life. Men in corsets? Blatant homosexual references and double entendre? AWESOMESAUCE. Ok not really, I probably said something like "oh wicked" because ya know, that was the 90's.
I watched it not too long ago and found myself disenchanted, the ability to suspend disbelief was increasingly difficult. Much like my adult viewing of Serpent and the Rainbow after seeing Interview with a Vampire. Still love the sound track, just not keen on the ending any more. I'd much rather watch Clue. It also become somewhat of a banner for the GLBT kids hanging out in karaoke bars I frequented. So much so for some that they would join the local casts.
If I had kids I would probably show it to them just to say hey look at this iconic film and tell me what you think about it. I am also disappointed to learn there is to be a remake and that O'Brien greenlighted it. I'm terrified to see what that will be like.