The plot is thin, as is common in 1930s musicals: Astaire is a dancer that's just busting at the seams with his art. He shows off some moves one night in his apartment (and what moves they are, making excellent use of the props in the room), only this annoys the hell out of the woman (Rogers) living downstairs. It's one of the few times that a musical actually makes reference to the fact that it's not normal to break into song and dance whenever the mood strikes you, though of course, eventually, Rogers gets in on the act herself.
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Maybe it's for the best, though. Missing the wedding winds him up with Penny (Ginger Rogers), who we're sure is going to be a better match for Lucky, because, you know, she can dance. (Here, in a bit of comic kitsch, she's a dance instructor and he's never danced before... though he proves to be an exceedingly fast learner.)
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There's already an Oscars buzz surrounding this movie.