Bogdonovich & company made this with endless tongue in cheek, and as an homage to the stage musicals of the 20s and stage AND film musicals of the 30s - glib, off-handed, seemingly "UN-artful" if you will. Also, the actors all sang - or spoke - their songs IN REAL TIME, in what was a brave attempt to duplicate the reality and presence of a live production.
Obviously, beauty is in the eye of the beholder, and I clearly saw this film much more in the spirit on Bogdonovich's vision than those who wemt in looking for something else. I feel a lot of baggage was brought to this film by the audience, and the movie was never really "seem" or "heard" by them. Too bad, because technically this is how musicals SHOULD be made.
I enjoyed the movie very much, and lament that it isn't available to allow everyone to make up their own mind about how well the vision of the director, cast, Musical Director and all concerned was carried out.