For what it is--a slice-of-life of a group of people, trying to make the big-time and at least be able to say that they were on Broadway--it's a fine work. I admit I haven't seen the stage play--which many sources say is far superior to this filmic adaptation.
I'm rather surprised that: a) Michael Douglas gets star status here, or is even involved. He doesn't dance here. The film would have worked so much better if it showed his character showing some dance moves and getting across to the dancers what he wanted. Both his character would have connected better with the dancers, and he would have connected better with filmgoers; and b) that Lord Richard Attenborough got involved with this: It's definitely not his forte or cup of tea. Perhaps he wanted to expand his directorial palette, or that some of his influences were masters of the genre, such as Lubitsch or Minnelli. Personally, I wish I knew, for he has done much better work in his career.
Overall, not one of the better of contemporary (post-1970) musicals, but worth seeing once, if renting or seeing that it's coming on TV. Not a top purchase priority, unless you are a Douglas or Attenborough completest, and then prepare to be disappointed.