First things first- let's all agree that the director of this movie has a very unfortunate last name. Larry Semon was a famous comedian..filmmaker in his day, a la Chaplin or Keaton, but now he almost totally forgotten, partially because he died before sound came along and thus could never had the late career comeback that Keaton or Harold Lloyd did.
According to Wikipedia, Semon was known for making very "expensive and extragavent" pictures as a director, that is certainly the case here. Although this adaptation of L. Frank Baum's classic novel is obviously going to be dwarfed in memory by the 1939 MGM version, it's a bit surprising a movie that looks this good is not better remembered. Although he's not in Keaton's league artistically, it's clear that Semon clearly knew his stuff technically- there are a lot of really clever special effects here that hold well 80+ years later.
However, fans of both the book and the MGM version may be disappointed to learn that this picture bares little resemblance to either. Semon (who also co-wrote the script with Baum's son and Leon Lee) chose to use the very, very broad template of the story as a vehicle for his own comedy, and his character the Scarecrow, has more to do then the protagonist of the novel, Dorothy (Dorothy Dwan, Semon's wife).
In this version, Dorothy is a young adult who was abandoned as a child on the door step of "Aunt" Em (Mary Carr) and the obese "Uncle" Henry (Frank Alexander). Along with her is envelope and a note saying that it must not be opened until her 18th birthday or death will follow. When the birthday roles around, Dorothy is about to open the envelope when a plane from the land of Oz arrives and some bad dudes jump out saying they need the envelope. Turns out it contains the information that Dorothy is really the heir to the throne of Oz. Through some comic hijinks, Dorothy, Uncle Henry, and unnamed three farmhands, played by Semon, Oliver Hardy and Spencer Bell, get whisked away to the land of Oz, where the former two disguise themselves as a Scarcrow and a Tin Woodman. Dorothy later ascends to the throne but is threatened by Prime Minister Kruel (Josef Swickard).
Obviously, this plotline bares only the slightest resemblance to the novel and the much more faithful 1939 film. The primary differences is that there is no magic in this film- Oz is just another foreign country. There is also strong evidence that heavy alteracations were made in the editing room to favor Semon's comedy, as the Dorothy as Queen plotline disappears from the film almost entirely at the halfway point.
So is this movie worth seeing? Well, on the plus side, it looks great, in the way that only silent movies can and Semon's brand of comedy is at times appealing. The problem is that it's not always appealing and in the second half of the film becomes very tiring (a sequence set in a lions den goes on forever). Plus, there is some vile racist comedy concerning Bell's character (who briefly masquerades as the Cowardly Lion in Oz). For a look at an unjustly forgotten talent, The Wizard of Oz is worth a rental, otherwise, it's hit and miss.