I couldn't rate it a five because I've actually not seen the whole thing through. We've watched parts of it many time because my son is an extra in the band - the good looking trumpet player (bow ties are cool!) who has one, brief line when the cheerleader asks them to play their special dance music - Except they dubbed over his voice probably so they didn't have to pay more than "extra" pay. But it is a delightful romp (at least when the band is on stage). There are some highly interesting continuity issues with the band as sometimes the kids are playing different instruments at various times, not their own. Of course the band isn't actually playing at all as good as Caleb Chapman's music program is in reality. The Christmas Variety show production number is really good - if you like that sort of thing, especially with dogs and little kids dressed as dogs. It should become a holiday classic with the canine crowd and Christmas dog lovers everywhere.
It certainly can be recommended as family-friendly holiday viewing (except those cheerleaders and their dance are pretty, uhm, provocative for the 1930s - but would be relatively mild at any current high school.)