For decades this film was unavailable due to rights issues, but Capitolfest screened it in 2019. Because of the build-up over time, the reality is disappointing, but it is an entertaining film overall.
Three showgirls fill the various types: Sally (Constance Bennett) is cool and confident, Irene (Joan Crawford) is sincere and virtuous (I know), and Mary (Sally O'Neil) is flighty and young. Mary is the newest member of the troupe and toggles between her old life and her flame with beau Jimmy (William Haines) and her new prospects with Sally's wealthy keeper. It all builds to a reasonably exciting climax (featuring dubious special effects). Although this is a movie about dancers, relatively few of the scenes take place on stage. Instead we are treated to scenes at lavish parties in Sally's deco apartment, complete with an ornate butterfly decal on her bedroom wall, and scenes backstage.
It is funny that O'Neil was cast in the role as the fresh desirable dancer because she is the least-known today, and certainly less beautiful than Bennett and Crawford. I suppose her antsy personality better embodies the "modern" flapper type, but her type quickly went out of fashion and ushered in a new standard of beauty.