If you've never been exposed to a Chaplin film, or a silent black & white film in general, this would be the one to watch first. It will make you fall in love with that golden era of film making. Either this, or Chaplin's 'The Kid'.
All actors in this film I believe are better than most of the big shots today, because without clever scripts and speeches, these actors had to rely exclusively on their facial and body expressions to convey their character's emotions. The boxing scenes are some of the best slapstick comedy ever filmed, and to top it off the love story, especially the final scene, will melt your heart and should even bring a tear of pure happiness out of you.
This movie is perfect.