I finally got this recording!
I must say I enjoyed it quite a lot. It's very different from many of the other studio restorations, because it includes a boat-load of dialogue between songs as well as during them. Apparently that's the way the show was structured originally, in a rather progressive step for 1933 (of course it is by the composer of SHOW BOAT so that's no surprise). In the liner notes it likens it to a radio broadcast, which is very appropriate comparison.
The score itself is just a whole bunch of wonderful Kern songs, but all the dialogue does make it hard to listen to them individually at times. I think it works best for listening in one sitting rather than just selectively (the Goddard Leiberson set is still probably the best one for that). The songs themselves are a nice balance of "modern" songs of the period with more operetta-ish material.
The sound is very good, and the orchestrations are wonderful to hear. There's a great deal of dance music and such that shows off the wonderful orchestra. The cast is very good too, even when having to work with pesky Russian or Polish accents.
One of the things I found most astonishing was the plot itself and the historical context. I had only passing familiarity with the basics of the story, but there's quite a lot I was unaware of, especially the part regarding Russian nobility having to work as servants due to the Russian Revolution (a similar conceit is used in the play and musical TOVARICH I believe). It really is a lovely story, if not a bit melodramatic at times.
The notes go into great detail with all of the historical context (perhaps too much detail) in addition to including a lovely bio of Kern himself and detailed notes on the reconstruction and adaptation of the surviving materials for the recording, as most of these recordings do.
One final note: The reprises of "Let's Begin" would give the infamous title song from THE LAST SHIP a run for it's money.
Keeping BroadwayWorld Illustrated