Oswald is the master of ceremonies at a theater's amateur night. There is a mixture of acts, most of them bad enough that Oswald strikes a big gong, ending the hopeful performer's chance in this good Oswald the Lucky Rabbit cartoon.
How much should one great gag count towards evaluating a cartoon? there's one hilarious gag in this one, but otherwise it's a standard cartoon, with a mix of bad and okay bits. I'll say that it makes it watching, and leave it at that.
In terms of cartooning techniques, this period is as good as Oswald ever got. Character design and animation is very good, and the background art is outstanding for a black-and-white cartoon. There is one small bit that may have been intended as a gag: when the theatrical audience is shown, they don't move; it's another background drawing. This may have been intended as a joke. However, Lantz may have decided it would cost too much to animate them and left it like this.