I had not seen Steve Pink's Accepted, so I can't say to what extent F.A.L.T.U was copied. But I have heard that it is a complete Rip off.
F.A.L.T.U was as predictable as it gets. The humor is not at all humorous (barring a few punches). It was the same old film regarding the shortcomings of education system presented a bit differently. The only thing you will remember when you walk out of theaters is the last performance, its simply superb, hats off to Remo for such good choreography (though it too was copied from a talent search).
Remo was only good as a choreographer in the film. His directing was hardly impressive. Acting was ordinary, songs were good (but there were too many of them,which made them irritating). Screenplay was bad. In short it was a debut gone wrong.
I would rate it 3/10 And Where were the Cameos ?