Just watched this last night. I liked it, but didn't love it. It seemed stilted and top-heavy, like the dialogue was too witty and wordy and unnatural, better left on the page than coming out of mouths. But visually it worked, set the tone of high society and the gradual crumble and sucking-in of its denizens. No great performances except maybe Kieran Culkin as Igby; everyone else had good moments but wasn't written strongly enough to have much depth. Susan Sarandon tried to give life to a caricature but I get the feeling there wasn't much to be done there...

In all, it seems like if one has read The Catcher in the Rye, on need not see this film.

Incidentally, on the DVD extra features the director, Burr Steers, said that this was his first screenplay, the one in which he learned about structure when he went back to rewrite it. And the cast all became attached because of such a well-written script. I wonder if the dialogue didn't look better on the page to them afterward as well.