Sure, it's only a paper moon, but I love the whole clubby "don't you want to be in Hollywood and New York, too?" feeling. And while it should seem elitist, it doesn't off that way (and didn't at the time). They sing about it in a way that Sardi's and Venice Beach could just as easily be Howard Johnson's and Coney Island. It's not elitist, it's aspirational.
And what a great tracking shot. Special guest appearance near the end.