The premise of this film is that Ziegfeld (with William Powell reprising his role) is in heaven thinking of his dream revue, with the rest of the movie just a playing out of that dream revue. I rather wonder about the direction, because this film managed to do what I've never seen done before - make William Powell appear hammy and amateurish in the opening moments as he plays Ziegfeld once again and then disappears for the rest of the film. Believe me, I say this as a huge fan of William Powell.
Thus there is no plot. It involves the big musical and comedy stars of MGM putting on a show of their various capabilities, and for all intents and purposes could be renamed "The Hollywood Revue of 1946" for those familiar with the original from 1929 which basically had the same purpose. Of course, technology has advanced considerably over the ensuing 17 years, but there are still some missteps. Basically, the musical numbers are good, but the comedy skits that punctuate them fall very flat and detract from the entire film. The highlight for me was seeing Fred Astaire and Gene Kelly perform together in a number. The musical numbers make this an above average film, but just barely.
It is most valuable because it shows MGM just as it begins to lose its grip as a leader in the film industry in the post-war era, and also because it reinforces what Buster Keaton always said - that MGM never "got" comedy.
