The idea of a story involving "Rêve et Réalité" (Dream and Reality) was a familiar one in very early cinema, and despite how old this film is, it was not the first to use the concept. But it's a watchable version of the idea, and is mildly amusing, at least as far as the simple story allows it to be. The story is really just one key gag, but the movie sets it up efficiently enough, without wasting time or energy. The idea itself can also be (and was later) used more thoughtfully, but this particular feature only went as far as it had already been developed by others.
Technically, it's relatively polished for its time, with the dissolve effect working well as one picture transforms into another. If the idea itself had not already been a familiar one, this could be considered as pretty good. Even as it is, it's at least worth seeing if you are interested in these very old movies, and it's understandable if cinema's pioneers sometimes wanted to try their hands at filming ideas that others had already used. They certainly had better reasons to do so than do today's film-makers when they continually recycle material that wasn't all that good in the first place. This feature is fairly well-crafted; it just isn't anything really new even for the time.