This works pretty well as a showcase for Bob Hope's comedic and other talents. While it's hardly anything to take seriously, it allows the ever-likable Hope to be himself and to make use of the opportunities for one-liners, sight gags, and a song or two, including his "Buttons and Bows". The story is exaggerated enough to render moot most questions of believability or character motivation.
Hope is in good form, delivering his lines well and in a style that keeps things light-hearted while not pushing it too far. His role as 'Painless' Potter suits him well, and he is able to carry much of the movie by himself. That is fortunate, since most of the rest of the movie is rather slight. Jane Russell starts off well enough, but it's not long before she has little new to offer, and her character is left with some unfulfilled potential. The other characters are mostly one-dimensional to begin with.
Then again, this kind of feature is not really meant to be analyzed. It gives Hope a chance to deliver his easygoing style of comedy, and should just be taken as such. It also worked well enough to provide the basis for a pretty good sequel.