This is a small film and isn't really about much more than a bunch of spoiled rich kids finding out that there is more to life than just being minor league juvenile delinquents. But there are a number of things that make this charming and fun and it's under an hour long so there's not much to lose.
First of all, as many have said, Alice White is such a quintessential flapper that it's no wonder she didn't last beyond the Clara Bow years. Her New Joisey oops Jersey accent is a hoot and different from that of the great prima donna actresses of the era. There is a sequence early in the film where she bats her eyes at Paul Page while riding in a car and she more than bats them. Her eyes are so enormous and dominant that they practically do cartwheels flirting with him. In short, as a male, I find her irresistibly cute and delightful and her firm, clear delivery of lines (essential in early talkies for theaters with not so great sound systems) stands out with the sharpness of a female Eddie Cantor.
Watch also for the barely seen singing group at the big party where microphones are not yet de rigeur and the ensemble sings through megaphones! The flapper clothes are all wonderful and so are the beautiful cars so if you like period fun this is a delight. Myrna Loy is still in her bad girl period here and makes a nasty femme fatale. Paul Page is a Frederic March clone as a leading man and shows naturalness and real talent. Too bad his career simply faded away after 1934.
There's nothing super spectacular here but either you find Alice White doing her naughty flirting is as they used to say "the bee's knees" or you don't. It's easy to underestimate the way she uses her eyes, her body language and her desire to get the most out of every scrap of dialogue she gets. I'm so sorry she had such a fall from grace and a difficult later life but she has become a cult figure for movie buffs who love the early talkies.
