I enjoyed Chronicle (more than I feared I might) for the reasons you name. It was a much better story than I'd been led to expect by some of the reviews, but other reviews gave me hope and really, I love me a superhero/supervillain story so I paid my ticket and took my chances.

I will say that I was pleased that none of the trailers and none of the reviews spoiled me on Steve's death, so it was a genuine surprise...mostly. Given the setting, and the way the story was going, and the fact that Steve was black, I suddenly knew there was going to be a bad outcome.

And you're right that a big part of the story's appeal is the hope that Andrew might get talked down off the ledge. You're pretty sure not, but...maybe. Also the wish fulfillment aspect. What would you do, what would almost anyone do (especially) as a teenager with the sudden acquisition of phenomenal cosmic power? Play stupid pranks and snigger, of course. And revel in the things your power lets you do (like play football in the clouds). And the characters do all that.

I enjoyed this movie a great deal. Enough so that I will probably go see it again.