This cartoon is widely regarded as Chuck Jones’ greatest masterpiece, and many film critics, animation fans, and filmmakers consider this to be the greatest of all the cartoons Warner Bros. released. It has topped many Top Ten lists of the greatest animated cartoons of all time. It was rated by a panel of over 1000 animators in Jerry Beck's 1994 book The 50 Greatest Cartoons: As Selected by 1,000 Animation Professionals as the #1 greatest cartoon of all time.
In 1992, it became the first cartoon short to be deemed "culturally, historically, or aesthetically significant" by the United States Library of Congress, and thus was selected for preservation in the National Film Registry. Duck Amuck and One Froggy Evening were also later inducted into the registry, making Chuck Jones the only animator with three shorts thus recognized. It is currently the only Bugs Bunny short listed in the National Film Registry.