Accepted will let you dream about the ideal college for slackers. The situation is completely unrealistic, and would never happen, but it's cool to imagine such a thing.
As the movie progress, you get whisked away from one funny thing to an other without too much thought about the logic of it all. If you shut off that part of your brain, you'll have a pleasant ride. The only elements that really bring you back to an outdated teen flick are the "evil" guys. Too archetypical.
The actors are doing a fairly good job, if you take into account the tone of the movie. Lots of female eye-candy. Some feel-good philosophy. Lots of dialogs. The end has a realistic ring to it, which makes for a surprise.
All in all, easy listening, and good entertainment.