I really like it. It's cliched and ridiculous, but I like the songs, and Diamond and Lucy Arnaz have a cute, easy-going chemistry.
Funny variation on the blackface scene at the beginning too. Will Ferrell should do a full length parody version of this movie. I think there was a bit cut from Anchorman where he parodies the wandering-the-country-with- my-guitar-on-my-shoulder segment.