This film is a coming out party for the American Musical. It's the first big bang musical production to be put onscreen. The musical will become a major pillar of escapism for American cinema going on for decades but really dominating in the 1930's, 40's and 50's. And I would also argue that this genre of escapist films versus monster movies, horror films or gangster pictures does the most to promote the cause of women and their sexuality by acknowledging it, flaunting it, featuring mostly female casts albeit still while promoting the idea of marriage as a get out of jail free card for those young women known to be “loose”.
You see several female characters in this film openly using their sexuality and being in control of who they sleep with so that is an advancement well beyond the Victorian Era. However, the movie does absolutely reflect the times by having the storylines resolves themselves with the main message that the most a woman can hope for is a man.
In terms of its medium this film definitely breaks open the possibility for cinema as a medium that breaks the fourth wall, through the use of camera angles, movement, and sound to do so. Busby Berkley almost invents the highly choreographed symmetrical overhead shot look for musical films. Much of the movie is a take showing off a grand choreography of dancers and extras on a set basically showing us what happens behind the scenes to create the stunning visuals. And stunning they are.