I'm a huge fan of the Guitar Hero series (bought GH2 on release and completed it on Expert in 3 hours).
And this is a brilliant game, don't let the other reviews fool you.
As for not hearing of these songs....I was born in '89 and even I know them.
As for medium being too easy...Why not play on hard or expert instead?
Players of old or new should pick this up, it's not only a party game, because it's fun to rock out when nobody is watching :D
Oh, and good luck with the final encore, you're going to need it!