I saw this movie in an entirely appropriate place -- as part of an all-night quadruple feature at a cinema in Northern Ontario, which could have been more accurately described as "Four lousy films for the price of one"! (For the record, the other three films were "Ghoulies", "Missing in Action" and "Ninja III - The Domination").
I would say that Losin' It is probably the best of these four films – not that that's really saying very much. (It was the concluding feature of a very long night of cinematic mediocrity) . It's not an awful film (particularly compared with some of the other components of this multiple feature), and it has the advantage of having been put together by a crew who knew what they were doing. Rather, it's an assembly line teen film of the period, which is given somewhat more polish than usual by the presence of Shelley Long and the up-and-coming Tom Cruise in the cast.
Two years previously in 1981, Porky's established a profitable template for teen films that many producers are still exploiting today. I see Losin' It as a Porky's knock-off, from a similar time and aimed at a similar audience. Essentially, if you were part of that target audience, you would probably have enjoyed it. I was just passing out of the target demographic when I saw this, so perhaps I'm more blasé about it than I might have been if I had seen it a few years earlier. There's a whole genre of teen sex comedy (which tries to tease the audience while dancing around the fact that they can't really show very much) that loses a lot of its impact once you've actually "lost it" yourself.
