Daffy and Bugs acknowledge the original fairy tale as each breaks the fourth wall.
Elmer refers to a poker game as he first breaks the fourth wall, as in opening with a pair of Jacks.
The final frames, of Daffy on the giant's watch face, is likely a cheeky wink at rival studio Disney's ubiquitous Mickey Mouse watch.
Daffy makes reference to the workings of the entertainment industry several times.
A milksop is an old English insult, implying a person lacks courage and is indecisive.