I wish I had the means and time to have all the lyrics to the songs to carefully compare what is happening in the song to the action in the film, because the songs aren't just songs, they are commentary and self-reflection. I am a bit disappointed in what happens with Catherine Zeta-Jones' character (she's not really a religious figure, she's just using the churches to help her husband who is the mayor, but I am kind of disappointed in her character).
If you are interested in seeing it: yes, go see it. Especially if you were young during this time, you will really enjoy the songs (it is, in terms of genre, a musical) and flashbacks to the culture at the time. I would give it a high B for grading, because I am also a little upset with Alec Baldwin's gay character that didn't really need to happen; I can understand it to some degree, but I wish they would have averted it. There is blatant sexuality (not really sex itself or nudity, but very sexually loaded) and of course bad language. Stacee Jaxx (Tom Cruise) is also being rumored in the film to be participating in satanic rituals.