When Kundan Shah released this movie, few thought it could match his other cult classic Jaane Bhi Do Yaaron. In my estimation, it does! While JBDY ended sadly (perhaps reflecting the cynicism of the common man in those times), KBKN has a bitter-sweet happy ending.
This is a simple boy-loves-girl-but-she-loves-somebody-else story, but the treatment, the characters, the side jokes, etc are all awesome! Shah Rukh shines as a simple star, before he reached superstar status where every movie of his has to be larger than life. Other characters like Deepak Tijori, Naseerudin Shah, Ashutosh Gowarikar, etc are sketched out extremely well!
Even SRK himself considers this the movie closest to his heart : http://www.glamsham.com/movies/scoops/06/nov/
03_shahrukh_khan_dreamz_unlimited_juhi_chawla.asp