The Looney Tunes Musical Masterpieces collection is sort of like the Bugs Bunny version of Fantasia (influenced by fewer psychotropic drugs). As you probably remember, many Looney Tunes were centered around classical music pieces, expertly pairing high brow material with animated hi-jinx. This particular collection contains eighteen classic theatrical shorts, most of which you'll also recognize from The Bugs Bunny and Tweety Show.
Memorable classics like "The Rabbit of Seville", "What's Opera Doc?", and "One Froggy Evening" (featuring the iconic Michigan J. Frog) are all included, as are more obscure favorites like "Nelly's Folly" (featuring a singing giraffe), "Pizzicato Pussycat" (wherein a sneaky cat takes credit for music played by a talented mouse), and "Hillbilly Hare" (which finds Bugs Bunny making two hillbilly brothers look even dumber than they normally do). Each cartoon is entertaining in its own way, regardless of whether you remember it or not.
Grouping these cartoons together by theme is fun in theory, but makes for a slightly strange viewing experience. Originally these shorts would have been shown individually, or alongside non-musical Looney Tunes and Merrie Melodies. Either presentation would better serve the material. A little quiet time with Pepe Le Pew or Foghorn Leghorn would serve to break up the monotony and noisiness of the musically themed cartoons, and would likely make each piece stand out more. The collection is certainly enjoyable, but if you grew up watching these shorts in a more traditional format, be prepared for a bit of overload.
DVD extras include making-of featurettes and good old fashioned fun.