The Roadrunner shorts are an example of a "formula" series-a very well done "formula". My comments about this short in particular will be a relatively small portion of this comment, because I want to talk a bit about the series itself.
This short is actually fairly representative of the series and why it works so well and why the shorts are generally very good, even though they follow a formula. The viewer knows going in that certain things will (or won't) happen: The two primary characters, as a rule, do not speak. They will occasionally hold up signs, but they don't talk in these shorts-unless you stretch a point and call the Roadrunner's "Beep Beep" dialog.
Each short shows ersatz Latin "names" for both characters. The ones for Wile E. Coyote usually revolve around hunger and the Roadrunner's usually revolve around speed and his edibility.
No matter what happens to Wile E. in a scene, after fade out, in the next scene, he's fine and plotting again.
His equipment generally comes from Acme. Here it's dehydrated boulders, among other things.
His attempts to capture the Roadrunner (at least in the theatrical releases) always fail. They invariably end badly for the Coyote. Some attempts are very brief, lasting seconds, like a dehydrated boulder which expands almost instantly, crushing Wile E. Sometimes, Wile E. doesn't think his plots through to their logical conclusion, which invariably hurts him.
In addition to these basics, there are things which occur in most of the shorts which are a large part of the success of the series, in spite of its predictability.
The reactions by Wile E. make him an incredibly sympathetic character. There's a melancholy air about him that is conveyed by his facial expressions as his well-laid plans explode (often literally) in his face. There are a number of set situations which are made successful because of Wile E.'s reactions.
First, there's the "astonishment piece. Wile E. almost always gets very close to the Roadrunner (usually in the first minute or two in a short) and seems close to his goal, only to have the Roadrunner kick in an extra gear and leave him eating dust and gaping in surprise and astonishment. He then begins plotting out how to catch his prey.
Then there's the occasional "relief which transmutes into horror" which happens when Wile E. either thinks he's been successful or thinks he's escaped disaster, only to discover that he's in deep trouble. There's a "puzzlement turning to horror" plot device which follows the same arc.
There's the long and intricate trap that either fails to work or unfolds slowly which starts in the middle of a short which comes back later with spectacularly devastating consequences for its initiator. In this short, for example, a steamroller used to trick the Roadrunner into a trap has negative consequences for Wile E. later on.
Most importantly, there is often a moment where a situation develops where Wile E. has advance knowledge that he is soon going to suffer something calamitous and very painful, with enough time for it to register that this really was a day he should not even have bothered waking up that morning. It is these situations where the animators knock one out of the park, as the expressions and body language shown in these moments almost always convey a mixture of resignation, sorrow and the dawning realization that he's failed-again-and must pay some cosmic penalty. It's a look of doom, sometimes accompanied by a sign which is both poignant and heartbreakingly funny. These moments make Wile E. a character the viewer can actually care about, because we all understand that sinking feeling in the pit of our stomachs we get when something goes WRONG and we're powerless to stop it, or even slow it down. A mix of persistent and dogged futility.
This short is available on the Looney Tunes Golden Collection, Vol. 2, along with a number of other Coyote and Roadrunner shorts. It and the Collection are well worth having. Recommended.