The re-staging of it in the film was excellent. They used the song to both advance the plot and show flashbacks of Velma's backstory. They took a "stop and sing" number and made it a catalyst for the story. It was a big improvement.
"Jaws is the Citizen Kane of movies."
blocked: logan2, Diamonds3, Hamilton22
I almost forgot. The film also gave Velma an odd reprise of "Big, Blonde and Beautiful." She attempts to seduce Tracy's father, to embarrass her mother, to get Tracy kicked off the show... I think. The scene was confusing.