Being basically the same age in 94 as the characters, most of it is pretty close to the times. Some storylines are a little too modern, but not far off. I identified to some of the kids experiences so it was pretty close to home, specially when 93, 94 and part of 95 weren't the best of my life.
Some things are unrealistic depending on the context of each ones experience. No all private a schools are the same nor are all from the super high life neighborhoods, so maybe this one applies to that case a more simplistic private school although with a little bit of not 100% realism. I too think as others it looks more to a public school.
Acting is too simple and overall so is the series. Some acting is off at times and quite good at other's. To me the worst was Laguardia, he has been acting for so long but he is just not a movie/big series level actor he was not believable at all, he's got to much telenovela acting in him.
Soundtrack even though not all is from the same year it is quite good. And as for a nostalgia bait, it has everything needed to check each mark.
The final episode it's not what I expected. After the events from the prior episode, it should have needed an additional episode or being arranged on the prior episode, that's actually a problem with today's 8 episodes shows, you have to rush or compress as much as possible.
It is not a classic, but still enjoyable.