Considering what it is—a look at individuals pursuing their dreams of Broadway success—it’s an acceptable piece of work. I haven't had the opportunity to view the stage production, which many accounts suggest surpasses this film version considerably. I must say that I was taken aback by a couple of things: first, Michael Douglas being given such prominence or even participating at all, since he doesn’t perform any dancing. The movie would have been more effective if his character had demonstrated some dance ability and communicated his vision to the performers; this would have fostered a stronger connection between him and the dancers, as well as with the audience. Secondly, Lord Richard Attenborough's involvement is puzzling—it seems outside of his usual interests or strengths. Maybe he was trying to broaden his range as a director, or perhaps he drew inspiration from genre masters like Lubitsch or Minnelli. I’d be interested in knowing the reason, because he has produced much stronger films throughout his career. It's not among the better musicals released recently (after 1970), but it's worth watching once if you are renting a video or catching it on television. It isn't something to rush out and buy unless you’re trying to collect everything by Douglas or Attenborough, in which case you might be let down.

Source on TMDB