Hit and miss -- But I may have been expecting too much, since I came here after flipping through some old 1930s Film Daily industry mags, and their reviews of the first two in the series made them sound like they were the most ingeniously hilarious things ever committed to film!
This really resembles actual newsreels of this time period in the way it looks and sounds. However, the sexual innuendos as well as the two gay men (the toupee designer and the baby doctor) would all soon be prohibited under the much stricter Hays Code censorship which took effect the same year this was made (1934).