If you're an intro credits geek (maybe a big fan a Saul Bass?) this is definitely up there in terms of subtlety, simplicity, and setting up almost everything you're going to need about the movie you're about to watch, and it's characters.
It also let's you know you're in good hands from...well, even before the first shot (the sun rising with the bass in the background, then the click to "Gramercy Pictures Presents" for the second time, and then the drums hit, orange car, etc.).
All that and it's only 2:17.
When I first saw it, I thought it was sort of an ok remake of American Graffiti, but as time has gone on I actually think it's better. The Dazed and Confused intro, upon first viewing is underwhelming - but like the film, it's more impressive every time. I think the Aerosmith track sort of has something to do with it.
also, here are the deleted scenes: https://www.youtube.com/watch?v=6cOTEhBigHs