Yes, sure, the quality isn't great--but it's free, it's historical and a lot of the material is just plain fun. Expect a data rate around 350 kbps (more or less) and you won't be too disappointed by the results. For comparison, consider that a standard iTunes video runs at 1500-2000 kbps and a new High Def Apple TV video runs at closer to 4000 kbps.
Animations like Betty Boop, Looney Tunes and Felix the Cat are plentiful. Other standout items include old timey newsreel fodder and full-length features like My Man Godfrey.