Took a while for me to get in to the pace of this movie. It is far from your standard biography. But when you get used to, or rather accepted the editing style and the raw style of the footage, i think you get a deeper understanding of her being.
It's cool to see where Noah Baumbachs Frances Ha and Lena Dunhams Girls has drawn a lot of inspiration from (Claudia Weill even directed an episode of Girls). But i like both Frances Ha and Girls a lot more then Girl Friends even though it's hard not to fall in love with the characters (as in Girls).
Awesome dialogue, beautifully shot and humor that works surprisingly well today (e.g. dude puncturing a un irritating kid's balloon). Simple and brilliant plot that doesn't need the world blowing up to keep the viewers attention.
The bad stuff. Horrendous acting now and then. Background projection in very weird places. I guess most people find these "flaws" charming but i didn't like it.