Really, this is a great flick. Especially if you go for British comedy. Rita Rudner's writing is just fantastic. I caught this in the theatres by chance and loved it--and bought it as soon as it became available on video.
Since this is just commentary, I'm not going to get into the plot any--I'll just toss in my 2 cents.
In the Maltin Review, he mentions that many consider this a British "Big Chill". In a way, I can see that, but where the "Big Chill" focuses on how much the characters have changed since college, "Peter's Friend's" does a good job of showing how the characters really HAVEN'T changed since then. They have matured, but the root of who they are--their faults, strengths, and weaknesses--are still the same.
The wit flows, the humor can be obvious as well as understated, the interplay between the actors is simply sublime, and the overall feel is fun and warm. I've seen many of these actors together in other films and they're all first rate. Just because Emma Thompson is the only one to win an Oscar doesn't mean the others are slackers!!
The one thing I've had to accept, though, is that in 7 years, it has become dated--especially the reason why Peter decides to bring his old college buddies together. That last scene packed a much bigger punch in 1992 than it could in 1999. Not that the issues are any less significant now, just that, as a culture, we're more accustomed to the subject. (And I won't spoil it--if you want to know what the subject is, rent the movie! *grin*)
Also, the soundtrack is fabulous! And I'd say it's worth the price of a rental for those who "came of age" in the 80's just to watch the opening montage: The highlights of the 80's set to "Everybody Wants to Rule the World". Fantastically done.
Rent it and enjoy!!