Not much going on here, but there are a few things I really like about it. For example, someone offscreen reads the credits out loud, but at such infrequent intervals it takes almost the whole movie. Also the dancing scene kicks ass, and I like the fact that the whole story is told inside one frame.
I sometimes wonder whether Warhol was just an incredible con man and was trying to test the waters a bit, trying to see how much he could test his audiences' patience before they started to say "...waaaait a second... this is a steaming turd...". It took me three minutes here, but I'm worried some people still aren't in on the "joke".