I had every intention of seeing this movie in the theaters but missed it. When it came up as a recommendation on Amazon I rented it immediately. Yes, it is very, loosely based on Sense and Sensibility. VERY LOOSELY, mostly in thematic strains, but you can still see the connection.
The twist is that the characters are based on a hispanic family in Los Angeles. There is an easy transition from english to spanish in the film, with the spanish dialogue subtitled. This is a particularly charming aspect of the movie as the transition happens effortlessly and really lends to the comical aspect of the film. Being hispanic myself, only made it more endearing to me. The family from East Los Angeles, reminded me so much of relatives and friends, I was crying with laughter! The aunt is truly a wonderful actress and has some of the funniest lines. Bruno, played by Wilmer Valderama, is exceptional. HIs subtle approach to his character was a pleasant surprise. Alexa Vega plays the perfect "Barbie" character!
Knowing some spanish/spanglish is a definite plus to get the idiosyncrasies of the script but, by no means, restricts any viewer from getting the humor.
I rented it and then bought it. Is it an Academy Award winning film? No, but it is different, refreshing and a breath of fresh air.