I'm thinking of jumping on...

I've been hearing a lot of good things about MGM's The Band Wagon recently, with directors and film critics hailing it as their favorite of the Freed Unit musicals, even going so far as to rank it above the beloved Singin in the Rain. Truth be told, I have seen parts of the film and was totally dazzled by its glorious Technicolor, its songbook, and of course, that Charisse-Astaire magic, but does it really trump Gene Kelly and Jean Hagen in Victorian period costumes? Diminutive Debbie Reynolds popping out of a cake? Donald O'Connor getting nailed in the face with a plywood beam? "Good Mornin'"? (Here I must stop - nothing can top "Good Mornin'".)
Have you seen The Band Wagon? If so, what did you think?