We actually have a glossary in each issue to fill in the gaps - but, really, that's more for fun than anything else. You should be able to tell everything about the band by the context they're used - or at least that's what I tried to do. You may not know the band in question, but you grasp what the band is for - as in, we've all loved bands, hated bands, gone off bands, seen people been mean to other people over bands, etc.
But yeah, some people totally can't get over the name dropping. Some people don't know any of the bands and use it as an introduction to them. Some people who've never even liked music ever, at all, love the thing despite not getting any references*.
It really does vary. So - er - yeah, may not be much help.
KG
*Actually, people who have only ever really loved comics who say that Phonogram explained why people are so much into music - plus made them see how the love of one media is a lot like another - are some of my favourite responses to Phonogram, if you see what I mean.