Of all the animated classics, "Fun and Fancy Free" is one of my least favorites. Yeah, the film is beautifully produced and it has some great sequences (I just love the growth of the beanstalk seaquence) but overall it is pretty lackluster and the storyline is mediocre. "Bongo" doensn't have a lot of story to tell, and it soon wears off. Dinah Shore's narration doesn't help a lot either. She does have a charming voice and brings the a 40s quality to the movie, but her narration keeps the pacing of the movie even slower.
"Mickey and the Beanstalk" is a much better segment, but I think the live-action interstitials harm it a bit. I mean, I do like Edgar Bergen's dummies (Charlie, specially, is a riot) but the story never gets the fully development it deserves. I don't know if there is enough story to justify a full-lenght sized story as it was planned, but I am sure there was more room for story than we see here. Besides, we don't get to see the ending of the story! I mean, we do hear Edgar Bergen tell that "they lived happily ever after", but we don't see it in animation, so the segment looks unconcluded.
Well, now the goodies: as I said, the film is technically brillant. I specially love the multiplane forest scenes during the Bongo sequences, and the backgrounds are beautifully detailed as well. The design of the characters are pretty good (the bears look much better than the lackluster bears in the Salmon Run sequence of "Brother Bear") and the watter is one of the best animated watters I've ever seen. The Mickey segment is mostly positive, with a great and colorful villain, that wonderful beanstalk sequence and some very funny gags (Donald going nuts is just great

).
"Fun and Fancy Free" is not bad at all, it is just weak when compared to the other features in the canon.