This film reminds me of my childhood growing up in the suburbs, and the music is from one of my favorite albums. I think both of these qualities are required to get anything out of this picture.
The images of the houses rolling by, airplanes overhead, and neighborhood kids playing made-up games under an overpass evoke memories of simpler times. This is the theme of both the album and the film: the loss of purity. It's a nostalgia film.
It is a genuinely different movie. For those of us somewhat jaded by the Hollywood-franchising-machine, this may be the refreshing respite you were looking for.
The deeper subtext of the character's relationships gets lost beneath the fantasy concept. But its short length is its greatest strength. It says what it wants to and rolls the credits. But even then, if you do not care about the album it is based on, it would do you no good to watch this movie.