Well, maybe it was a few years too late but I recently read this book. Found the first half a bit of a yawn (vacuous club guy name-checking loads of mid-90s celebs) but things certainly perked up in the second half although some of the graphic descriptions of torture have stayed with me longer than I would have liked...!
Don't know it I'd recommend it: one of its reviews stated that it was a satire on celebrity culture. I wouldn't go that far, but if you can get through the first part (maybe by playing a game of 'which of these celebs aren't particularly celebs anymore') and like a book that makes you go 'eouuuw' now and then, AND you've got a long train journey coming upm then go for it. Otherwise... nah.
Ellis' first novel follows a group of rich Californian teenagers, neglected by their parents (Hollywood stars and producers, rich lawyers) and left to their own devices over the Christmas period. Whilst there is no specific plot, the story focuses on the exploits of the narrator (Clay) who moves from one party to another trying to search for the 'worst possible thing'.
Clay's nihilism has deadened him (and his friends) to all but the most shocking things he encounters and Ellis conveys the sense that in spite of all their money, these kids have no idea what they want from life and have no real desire or means of expressing themselves.
Ellis develops some of these themes further in 'Rules of Attraction' and some of the characters in this book seem like they could have been younger versions of Patrick Bateman from 'American Psycho'. This is a pretty good introduction to Ellis' work and gives you an idea of his distintive writing style.