I have always liked this film as well.
I find the character is closer to who Prince sees himself been like rather then The Kid from Purple Rain.
All presented with a unique style.
Plus the music is far better then Purple Rain.
Where as PR was a reflection of a reality, this film is pure fantasy with sometimes sur-real locations and events. Unfortunately reviewers were expecting "PR II- The Bigger Bike" and all they got was a little story about two people discovering love for the very first time, even though they were in their mid twenties, they hadn't even experienced love from their parents.