This movie is full of awesome. It's funny and adorable and interesting and even somewhat close to the original Romeo and Juliet, given the complete transformation in, um, actors and setting.
I'm not going to rehash the entire plot for you here because, well, you can kinda tell what it's all about from the commercials and from your working knowledge of Romeo and Juliet. Star-crossed lovers, feuding families, mixed messages leading to confusion and tragedy. It's all there. Shakespeare himself even makes an appearance.
But, if you have any reservations about seeing this and you're not completely uptight and against changing the Bard's original texts, go for it. I loved it, my teacher friend loved it, and the adorable 5 year-old stranger sitting next to us rolled with laughter and delight throughout. What a superbly excellent introduction to Shakespeare for that little guy, I think!