To add to what the first two reviewers wrote, the MPEG2 is corrupted in some strange way that causes my player to skip at about
3:05 (K-Lite codec pack/MPC-HC—tried Cyberlink, then the libmpeg2 and libavcodec in ffdshow). The 512Kb MP4 doesn't do that, it just gets about 45 seconds into the film and then starts over. (This is very strange, as the IA posting software derives the MP4 and Ogg files from the original upload.) It is a shame that the only functional video we have of this film is 320x240, but at least the MP4 file plays (mostly) correctly.
The film itself is a fun spoof of old-timey vaudeville theater. It would not surprise me if the characters are caricatures of actual performers, as it was in the Fleischer style to do that. (Betty Boop is herself a caricature of Helen Kane…but you already knew that, right? :D)
The Boopster's observation that Betty is wearing her pre-Code signature costume (strapless mini-dress with exaggerated sweetheart neckline, and one garter) in a film released a year after the Hays Production Code began rigorous enforcement is spot on. Maybe they got away with it because it is Betty's costume in a theatrical performance. This was almost certainly the Fleischers' way of thumbing their noses at the motion picture review board.
Five stars for the film, but one off for the corrupt file.