Thought about this after watching DAZED AND CONFUSED on DVD last night (4th time I've seen it; saw it three times when it was first out in the theater). From the opening, primordial moment of the car circling the high-school parking lot in the morning while Aerosmith's "Sweet Emotion" plays, to the last shot of the road opening up at sunrise, I think DAZED nails my high-school experience better than any other film I've ever seen. Richard Linklater somehow worked in more nuance and range than most movies in this genre, which can so easily turn cartoonish. I hadn't seen it in 10 years, and I found myself liking it even more than I did the first time around.
I'm sure I've left out a number of worthy candidates, hence the "other" choice. (ROCK 'N ROLL HIGH SCHOOL and MY BODYGUARD are a couple that come to mind immediately.)