When used by a younger person, it will usually be derisive. When used by an older person, it will be used with glee.
Classic has been a term thrown around for some things. 1960s Ocean's Eleven is a movie that has an hour worth of character development, and then the action gets started. It's classic because youngsters these days don't have the patience to sit through that sort of tedium.
"How was it?"
"Too classic, it's not for me."
"Check out that NES Mario game, dawg!"
"Dude, that's 1960s Ocean's Eleven Classic!"