There are really only 4 reasons to watch this film.
1. The scenes of Richard Hell & the Voidoids performing at CBGB.
2. The beautiful cinematography capturing the Lower East Side of New York in the wintertime in 1978.
3. Elliot Goldenthal's wonderfully atmospheric soundtrack.
4. Hell's bluntly honest interview about the film.
Otherwise it's pretty dire - badly acted (as Hell admits), directionless, nonsensical. Ulli Lommel (who would go on to a thriving career in straight-to-video horror flicks) clearly had no idea where he was going with this movie or even what "blank generation" meant. Worth your time only for any combination of the bullet points above.