I don't like it. There's a creepy lamp shaped like a lady's leg (that turns Ralphie on), a nasty bully, a borderline-abusive Dad, a gun as a major plot point, and no cute guys or discernible homoerotic subplots (although some of the cast has gay connections).
And Peter Billingsley has made up for it since.
In The Dirt Bike Kid (1985), a modern retelling of "Jack and the Beanstalk," the 14-year old Jack (Peter) is sent to buy groceries, but gets a magic dirtbike instead. He uses it to clean up the corrupt town, save a struggling hot dog stand, and become a town hero. He expresses no heterosexual interest; his main emotional bond is with Mike (Patrick Collins), the owner of the hot dog stand, though it falls short of homoromance.
An anti-gay slur (this was the 1980s, after all), but no girls thought of or spoken of.
In Beverly Hills Brats (1989), Scooter (18-year old Peter) is ignored by his rich father (Martin Sheen) and bullied by his siblings, so he fakes his own kidnapping, hiring the bumbling thugs Clive (Burt Young) and Elmo (George Kirby). The thugs are hostile at first, but soon come to feel sympathy for the lonely Scooter. Again, an anti-gay slur, but no expressed interest in girls. Instead, Scooter tries to reach out to the thugs for emotional support.