Last time I saw Matt and Kim they inexplicably covered this. The grown-up frat boys and their girlfriends loved it, but were less charmed by M&K's actual songs.
I do really like this song. I have vivid memories of super awkwardly dancing to this in the cafeteria as the girl I had a six-year long crush on danced with my grade school rival. Going to school in New Hampshire was sometimes exactly like a teen TV drama.