Or does it just give a level boost? 
 
Also, so far i've only had one movie available at the theater.  Will there be more movies showing at the same time and ones that different party members get like better? 

@Jedted: You kindof guessed it.

Going to the movies gives your dudes a level and some free stats. If you go to a specific movie with a specific party member, they also get S-Link progression (they say they really liked it and discuss the movie afterwards - it's only one paragraph of dialogue but yeah).

You tend to get an SMS from the party member who would like that movie a bit after the movie comes out (eg. for Return of Trials of the Dragon, chie will SMS you at some point asking you to go).

I remember there being movies associated with the whole team except maybe Naoto and Yukiko - either that or I just keep missing those two movies. Oh - and there's like 1 movie a month or some similar time frame.

@Jedted: Interesting - I may not have seen that one.

Hmm.

Oh - and you can take people to each movie, thus get multiple free levels and a bunch of extra stats. In fact, for me on one of my playthroughs Yosuke had significantly more Power than Magic thanks to movies. It was so weird.

*revises above*

Okay, Yukiko's film is "One Missed Text" which is showing in September. Still have no clue what Naoto's is though.