1. It's been said here that the gay content of the story has been removed. Well, the novel was released in 1905. We can nowadays interpret elements of the story in a gay context, but back then these notions did not exist. If Schlöndorff hints at homosexuality as an element of perversion, that is in fact faithful to the novel, which takes a strictly observatory, non-participating stance.
2. 'Törless' is often interpreted as an indicator of upcoming intolerance and Nazidom. Again, the novel was released at a much too early time to allow for such an interpretation; the novel's author Robert Musil certainly envisioned the inevitable fall of an empire stuck to tradition and incapable of accommodating personal liberties. Schlöndorff pushes some of the juvenile delinquents into similarities with the Nazis - albeit being carefully ambiguous about it -, but it would be wrong to consider this interpretation as a part of the original narrative.
3. 'Törless' is a highly psychological tale and film - again, Schlöndorff proves faithful to the novel in this respect. But this comes with the weakness of constructing characters around a certain social concept. It would be misleading to consider Törless and his rebellious friends as typical representatives of their era, or real figures upon which the author based his characters. As may be more obvious in Musil's masterpiece, 'The Man without Qualities', his characters are crafted to evoke rather a situation than a person; that makes his books almost impossible to adapt correctly.
Schlöndorff's film is somewhat middlebrow; it does not intend to be a substitute for reading the novel, but at the same time it carefully avoids to give the impression that it is anything but a rendition of it. That's not quite true; the interpretation is in the framing, the omissions of the subtext, and that the ideas upon watching the film differ considerably from those you get when you read the novel. One may call it therefore a failure - but an interesting failure to watch.
