Not nearly as bad as its reputation
Not to say it's a lost classic-- the plot lurches from one scene to the next, and the romantic melodrama is dull. However, I found Anna Sten cute and charming in the movie's comic moments, even if too derivative of Dietrich. Also the production is very handsome and Mae Clarke is a hoot as one of Nana's fellow streetwalkers.
Not a great movie, but hardly a disaster. I have seen much, much worse.