Travolta is absolutely terrific in this, giving the reasonably complex script his all by an excellent portrayal of a conflicted, trapped, working class young guy. He’s helped by the pounding soundtrack, especially the BeeGees tracks, which add several points of cool to his already deep-freeze cool presence. There’s some great scenes with him, and he’s like liquid gold on the dance floor.
Unfortunately, the rest of the movie doesn’t live up to it, except the scenes of his home-life. His friends are shallow and one-dimensional, with the only interesting one being a girl that is smitten with him, but who he doesn’t feel much of anything for. The main female lead, Stephanie, is poorly acted with a grating, unsympathetic manner, and you get a kind of overload of self-inflicted tragedy very near to the end, saved somewhat by the subtle, downbeat ending.
Tony Manero is a great screen character, with great moves and presence, but unfortunately he dwarves almost everything except his home life and the soundtrack.
I definitely recommend this to see once at least, as it has useful and resonant things to say about working-class aspirations and escapes, and about growing out of your surroundings, but be prepared for a slog in the second half.