Story: The story is pretty simplistic. Two creatures of illusion trying to outdo each other. This leads to humorous antics and more and more outrageous chages. The humor was lost on me, though.
Animation: The sets were very detailed. While the animation wasn't exactly fluid, it has a soft of older charm. It is in black and white, and the character's lips don't move when they speak, but it's pretty good as far as some of the other old animes I've watched.
Sound: The foley artist for this film needs to return to foley-artist school (if such a thing exists). There is one song in the middle of the anime; I think it was supposed to be a drinking song. The voices were also a bit muffled, like they stuck the recording device into the voice actor's noses.
Characters: There were 4 total characters. The fox, the two racoons, and a hapless human who serves no other purpose than to tell you humans shouldn't be out on a night like that. The fox and racoons are both enjoyable, but they have little characterization other than being tricksters.
Overall: It's a short trip into the past of animation. I would suggest it for anyone that wants to see the origins of Japanese animation.