This musical "on crack" is basically a Vaudeville retread. Most of the talent is wasted. The whole "pet bear" routine is quite weird, and adds nothing to the plot, as thin as it is.
Granted, this is an early sound film, but when you consider some of the excellent RKO musicals of the period, with Astaire, this Paramount production leaves much to be desired.
I've never been a Burns & Allen fan, so that whole routine is lost on me. Ethel is certainly her usual electric self, and Bing is Bing. Lombard is definitely wasted. It is interesting to see Ray Milland in an early role.
Certainly, the film is worth a look for its historical significance in studio history, but I cannot recommend it as an entertaining movie. Watch it if you have the time, but if it's between this and some other TCM classic, select the other option.