Pony thinks the Greasers and the Socs are impossibly different, but one of the main purposes of this chapter is to show how much they have in common. Pony finds that he can relate to Cherry and that she is a likable character. Although talking to her makes him somewhat nervous, Cherry is down-to-earth and willing to listen to Pony's perspective. She isn't afraid of Dally, even throwing a soda in his face to help cool him off. Cherry doesn't appreciate Dally's language or attitude and doesn't mind telling him so. When Pony shares with her the reason that Johnny is so afraid of Socs, Cherry insists that not all Socs are the same. When Pony tries to brush off her comment, she points out that not all Greasers are like Dally, and Pony begins to see her point. Pony thus learns that not all Socs are cold and aloof and that there is a common sense of humanity that binds them all together. This will be important as the plot evolves.
Yet there is an equally important point of this chapter. There are loyalties in both groups, and people generally adhere to those group lines. When Cherry and Marcia make some rather unflattering comments about Dally when he leaves their circle, Johnny and Pony are quick to jump to his defense:
You take up for your buddies, no matter what they do. When you're a gang, you stick up for the members. If you don't stickup for them, stick together, make like brothers, it isn't a gang any more. It's a pack. A snarling, distrustful, bickering pack like the Socs in their social clubs...
Even if Pony knows that Dally is wrong, his loyalties lie with his group and therefore with Dally. Later, when Cherry tells Pony that the Socs have problems he's never even heard of, he is so far removed from that reality that he cannot fathom what she could be talking about:
I really couldn't see what Socs would have to sweat about--- good grades, good cars, good girls, madras and Mustangs and Corvairs--- Man, I thought, if I had worries like that I'd consider myself lucky.
This perspective is amplified by his recent reflections of Johnny's horrific beating by the Socs, who left him bloody, face down, and likely assumed dead. Because of this, Pony thinks Johnny will kill the next Soc who jumps him.
This conversation itself establishes upcoming conflict. Bob won't be happy to see his girlfriend hanging out with Greasers, and Johnny's fear of the Socs, particularly the one who drives the blue Mustang (which turns out to be Bob), will fuel his reaction when Pony's life is in danger in an upcoming chapter.