My companion and I both lived through the 80's in much the same way as the kids do in this show, and saw all these things and more on the 80's Vancouver hair metal scene, a place which likes to act like a 'little' Los Angeles more often than not.
We laughed and laughed at some of the 'inside' 80's jokes, which included silent sight gags, too, like dancers who randomly ran out in costumes from famous 80's movies and MTV videos, and included references to TV shows, commercials, and the politics and economy of the times. I'm not certain if it would be *as funny* if you were not a teenager or young adult during that decade.
The singers were fantastic and the songs were great fun. (I had hoped to hear some heavier songs, but the story called for more "power ballads" than "power".)
All in all a great time, it was a nice balance between parody and nostalgia; a good thing, though I'm sure most of us wishes they were 25 years younger and perhaps even long for the "glory days", this show helped us remember also why spandex and power ballads came and *went*. Not a moment too soon. :D