Perhaps it worked on the stage, but the film version is a disaster that is only made partially watchable by some wonderful ensemble acting by a talented crew, who play characters bent upon various forms of self-destruction. In his usual masterful performance Kevin Spacey displays what passes for sanity in an insane environment. Mickey is as cool as Eddie is red hot. That Sean Penn can do such overblown parts without overacting is a testament to his abilities. The extremely talky script revels in its obtuseness, with easily half of the conversation being conducted on cell phones.
Most lines make no sense whatsoever, although some are so ridiculous that they are downright funny.
Phil is such a lowbrow that any intellectual activity might short-circuit his brain. Like a slave, she is offered to Mickey and Eddie when they drop by. Meg Ryan plays Bonnie, a hooker whose claim to fame is that she will do absolutely anything. Mickey looks briefly like he will be affected but blows it off with a joke about how at least they didn't set the kid on fire. Robin Wright plays Eddie's girlfriend, Darlene.