In my opinion, Whit Stillman's "The Last Days of Disco" is not nearly as good as the director's "Metropolitan" or "Barcelona". The characters are not as intriguing, and the overall effect of the movie is that it does not capture the atmosphere of 1980-81 New York City.
At that time, a certain sleaze and grime pervaded the city. It was an era of dimly-lit, crime-ridden, graffiti-covered subway trains and crime-ridden, gritty, trash-strewn streets. There were two opposite ways in which music and culture reacted to these conditions. The punk movement embraced the chaos of the streets. By contrast, disco papered over the problems with nihilistic glitz and cocaine-fueled glamor. A surface optimism covering over a deep pessimism.
Stillman's 1980-81 New York does not capture this pathos. The New York of "The Last Days of Disco" resembles the more orderly city of the late 1990s and today. Had Stillman's characters been interacting in a more true-to-life, grimy 1980 New York City - rather than a whitewashed one in which the trains are miraculously graffiti-free and the streets are clean and safe - I think the movie would have been much more compelling.