It would have been hard to squeeze a parody of 'Fantasia' into 7 minutes, but Bob Clampett and Frank Tashlin did as good a job as you could reasonably expect, considering the original was only a year or two old.
'Corny Concerto' consists of two short-shorts, neither of which are exactly parodic. They're more like what Fantasia may have been like if WB had made it rather than Disney - in particular, the second segment, set to the Blue Danube, is more sentimental than it is cornball, and really doesn't come across as much of a parody at all.
Perhaps importantly this short really forced WB to concentrate on synching music with visuals - something which they were already good at, and would become masters of. It would form the foundations for ambitious later shorts like 'What's Opera Doc'. Even here they do a good job of it.
I find most old Warner shorts clock in around 2.5. This one just makes it to 3, which, considering my notorious stinginess, is pretty good. But people who are after character-driven x versus y shorts may be a little disappointed, as this is a departure for WB. Even in the Bugs/Elmer short, there's no dialog.