There is so much to like about this film. The set design and costuming is on-point: I was 13 in 1978, so this was my group of peers being depicted, and the film captures the 70s aura well: kids coming of age in a society coming of age, but way before the internet; fucked-up parents, weird panel vans, no sense of stranger-danger and random predators on the streets. That was a real thing, and nearly everyone knew some kid at school who ....
I think the only thing I'd like to add to it is a stronger soundtrack with about two or three rock hits from the 70s (like Hold On Loosely by 38 Special, a little bit of Strutter by Kiss, almost anything by Led Zeppelin ... except Stairway ...) but that's incidental.
Ethan Hawke never shows his face, but he plays the role in a naked way, stripped down to no more than he needs, which makes his performance somewhat understated and that much more powerful. The story is straight-forward: you're going to get exactly what you expect, and you can figure out where it is going pretty quickly. No sappy backstory; nothing to make the Grabber sympathetic or even that knowable. He is what he is, and he is what Ethan makes him, which is a beautiful secret we never need to know.
Despite the overt telegraphing, the film dares you to pull away, even though you know what's going to happen. Strong acting and simple storytelling get you involved, because they make you want to see HOW it's going to happen. It's not an epic; no Godfather; no Silence of the Lambs. It's just very solid.