I have always been surprised about this film's rating since I went to see it when I was 11. High-Schoolers drink, and the swearing is completely inappropriate for a PG. The 'tape' scene was the most crazy. Also, somethings that doesn't seem to be addressed are that a teen attempts suicide, and another brings up the death of his younger sister and ... death.
Basic message: If you don't want your kids watching PG-13 movies, then this is a movie to save. It is pretty good though, so don't completely forget about it.