I would almost call it the "anti-Godfather" or "anti-Goodfellas.".... This is not a story about the Vito Corleones, this is a story about the low-level people.
Scorcese perfectly captures the feel of everything - the film just works on so many levels. You are drawn in and believe the characters, the atmosphere, etc.
Signor V.
Very insightful, SV.

Also, a brilliant doo-wop soundtrack, with perfectly placed songs that support the scenes they're used in. And did you check out Scorsese in the film as "Shorty"?