Entertaining but Shallow.
There are two movie versions of ROMEO & JULIET. One is a banal '68 adaptation with boring schmaltz and graphic nudity. Another is this '96 interpretation that preserves Shakespeare's dialogue in a gangland LA setting, complete with drugs, whores, gang warfare, and teen sex. It's not the most kid-friendly movie around, but the behavior is so sensationalized and unrealistic that I would be surprised if any teen would try to emulate it.
Violence consists of a few gang fights with guns. Over-the-top gang characters threaten people with weapons (including, in one scene, a child) but no one is shot until a climactic, somewhat disturbing scene in which a man is stabbed (with blood) and another is graphically shot after being bloodied in an intentional car wreck. Sexual content in the main issue in the film. A major male character in the film is a transvestite, complete with wig, make-up, and bra. He acts flamboyantly towards other man even when out of drag. A man watches a hooker dance seductively on the street. Romeo and Juliet disrobe each other onscreen (we see him naked from the waste-up and we see her bare back and shoulders), and then we see them in bed together the next morning (He is seen putting on some boxer shorts, and his bare upper half and bare thigh are briefly seen, her bare back is seen again.) They are both underage. Several characters get drunk, and a kid takes ecstasy at a party. In the end, both kids kill themselves (he drinks poison and she shoots herself in the head, complete with blood.) The content sounds terrible, but the movie portrays itself as comic and over-the-top that you can't take any of it seriously.
What other families should know
Too much violence
Too much sex
Too much drinking/drugs/smoking