From a person, who has read Five Point Someone, I think it was childish on part of Chetan to work up a storm as the movie at the most, seems to be inspired and not really, based on the novel.
The college, thats an engineering college, the professor, his dead son( this has been dealt in detail in the novel), ditto with the scene where they steal the question paper.I think that if you liked watching the movie, you would like to read the novel a lot as it deals with all the interesting aspects in an equally interesting and detailed manner.
As for the movie, as it has farther reach than a book, it deals very poignantly with the issue of suicide among students, craving for the so-called respectable jobs, positions in the society, rail-roading over childrens wishes, which I as an educator, see on a day to day basis.The movie is FUN, engaging, subtle in its message, very good acting and beautiful scenes, especially the scenic scenes of Manali and Leh.Go watch it and watch it from your chidrens eyes.