I'm now 39 and I believe a bit older than many of the fellow retro-lovers on this site. My generation was truly that of the 80s as we became tweens in 1982 and graduated high school in 1990- right before the internet revolution. We started BBS/Exchanges on Commodore 64s and 300/1200 baud modems and started with Pong and Atari 2600s , ending with ColecoVision and Sega Genesis . We are the kids who now have kids and play our XBox360s with them. Despite XBox360 and LiveArcade, we have MAME machines which help us to recapture the true glory days of arcades.
Like most kids, we lived for the weekends. School got out at 3:15 and assuming you weren't meeting some other kid for a fight at 3:30 or watching some other kids fight, we would get together with our friends to walk home from school, plotting our weekend. We would always hope for a sleep-over which meant that we would stay up as late as we could, play Atari 2600 games and make prank phone calls . Back then, there was no caller ID and to trace a call basically had to go through the court systems, so we spent much of our evening calling up people with fake/obscene surveys, looking in the phone book for people with provocative last names that would insight giggles... and one of my friends had an older brother in college- so we would go to his room and raid his stack of Playboy magazines . In the 80s, outside of a rated R movie, a Playboy was about as close as a kid ever got to seeing a girl naked. During one sleepover, we stayed up late enough to watch "The Last American Virgin" - as a 10/11 year old, this movie represented some heavy stuff - sex, drugs, abortion, prostitution, crabs.. a "must see" retro movie that is a real throw back. These sorts of movies would be on HBO late at night, so we would pretend to go to sleep and then get back up to sneak down to the TV to watch these kinds of movies.
Looking back now in this age of the internet, smart phones etc. it seems almost like kids have more access to information but less freedom. When we went out as kids, we were on our own. You just had to be home by the 6pm whistle for dinner. This really lent itself nicely to adventures that made the movie "Stand By Me" the type of adventure we felt we could really have as kids.