Studio Ghibli didn't really get its chance in North America until after Walt Disney Studios starting dubbing and releasing their films properly. Even then, there were two films of their catelog that always remained out of reach for English audiences: "Only Yesterday" and "Ocean Waves." Both happen to be loosely about reminiscing forgotten days as a child in modern Japan, each likely left untouched by Disney due to taboo mentions of a girl's period during puberty. GKIDS would eventually release Ghibli's entire catelog, including these forgotten films. Finally, fans could watch them in English! However, while "Only Yesterday" received a new English dub for its release, "Ocean Waves" did not, making it officially the last and only Ghibli film to not receive a dub. It's also worth mentioning that "Ocean Waves" is technically a television movie, not a theatrical one, so it's place in Ghibli's catelog might be debated a bit.Aside from these fascinating reasons why "Ocean Waves" wasn't easily accessible in history, it could be that the film simply wasn't very good and distributors weren't interested. Maybe that's a bit harsh... it's still OK, but it really doesn't hold a candle to anything else Ghibli has made before or since.Your appreciation for the story will depend a lot on your personal tastes to the genre. That genre is of adults looking back at their lives as children or teenagers and wondering about lost potential loves. Taku is one such man, recalling Rikako, a new girl at his school a few years prior. Rikako is beautiful and athletic, a mysterious vixen, but brings to Taku a series of uncomfortable moments. At a school field trip, Rikako asks to borrow money, which Taku agrees to. Later, Taku learns that Rikako is trying to run away from her parents for unknown reasons, and temporarily joins her until she is ready to return home again. Taku's best friend hada crush on Rikako, and is hurt when seeing them together. Taku is understablably confused for the series of events. Is he just a classmate to Rikako? Or a friend? Or something more? What is she to him? It isn't until years later, at a class reunion, that he begins to understand his own feelings, but by then it is too late.There is a subtlety to the story that can be appreciated. There may not be a real beginning or end like a traditional story, but that's how life is. The characters are awkward in a believable way as they struggle to understand themselves while dealing with the fallout of those around them. But personally... I never liked these types of stories. Real life is awkward enough, I don't want to be reminded of that when I watch movies. But if you count "Only Yesterday" as one of your favourite Studio Ghibli films (and many do), you will probably enjoy the melancholy longing and regret to have done things differently, and the truth that some things can't be done over. 
The visuals, animation and audio are all up to a standard, but not the standard Ghibli is known for. The character designs and environments look a little simplistic. The animation still holds up a bit better, with careful attention to realistic movement, but it lacks much opportunity to shine. In almost every respect, "Ocean Waves" doesn't really feel like a Ghibli movie.... and perhaps that is because it almost isn't. "Ocean Waves" was mostly a training exercise for its new animators, using a new director in Tomomi Mochizuki, the first director hired besides Miyazaki or Takahata. To compare this to the rest of Ghibli's catelog is almost cruel knowing this. This is a perfectly fine movie, and compared to most other anime films pre-2000, it's pretty good. But your personal enjoyment will rely a lot on your personal bias towards the genre.