I agree with most of what the previous reviewer said. This is a very pleasant way to spend an hour.
The music is in the style of Mozart. The brief overture is a lot of fun to hear, but this performance lacks just that extra measure of verve and sparkle that would really make it definitive.
I am mostly writing this review to point out that Fischer-Dieskau has a minor role here with not too much to sing. He does sing well, though, especially considering that this was recorded only three years before he stopped singing altogether. If you know F-D's singing, then you know how he sounded in his later years and you know whether or not you want to hear this.
I put this recording on my ipod and deleted all the spoken dialog, leaving just a series of brief and rather delightful vocal numbers. I find that I often enjoy the music Mendelssohn wrote when he was very young, and this singspiel is no exception.