I just finished watching this. Really enjoyed it.
Regarding the idea of referencing existing films and stories, I think this couldn't have been better. Rather than copying things directly, the film mixed ideas in such a cleverly fluid way that it came off as somewhat of a spoof of the times. It allowed the viewer to engage in a game to try to figure out what was being referenced, at every point. It really captured the zeitgeist of the 80's.
Here are the referenced films and stories I caught:
ET
Stand By Me
IT
Alien
Poltergeist
Nightmare on Elm Street
X-Files - nineties, I know, but still
X-Men - Ditto
I am sure I missed many nuances. Anyone caught other film references?
I know Star Wars, Lord of the Rings, and Dungeons N' Dragons were obviously referenced, but I found that this was a literal reference, and not an implied characteristic reference.
Can't wait for season 2!