Opinions differ on this one, perhaps due, in part, to different versions being made available.
The film was originally shot in Trucolor with a running time of 72 minutes and, for those watching the shorter (54 minutes) black and white version, opinions of the movie overall might be influenced by what was actually edited out. I say this having just watched the full length movie - albeit not in colour - as part of Passport Video's Ultimate Roy Rogers Collection: a very nice print it is too! I found this to be a superior series entry. All of the B western boxes are ticked in such a way that the Republic quality again shines through. They were simply the best in the action stakes and The Gay Ranchero is well up to their usual high standard.
There are fist fights, shoot outs, chases and stunts a-plenty and Trigger gets to kick a door down in helping Roy to round up the bad guys. Andy Devine provides the anticipated level of cornball humour, Rodriguez dances and there are songs a plenty. Roy sings with and without Jane Frazee, Guizar and Rodriguez warble in both English and Spanish and the ever reliable Sons of the Pioneers chip in with a couple of ditties of their own. I appreciate that this lot might be a bit much for some tastes but have to say I loved it! The plot, as some other users have said, is "loose" but it is unusual and somewhat dark and, therefore, more interesting than it otherwise would be.
One slightly sour note: attitudes to bullfighting were a whole lot different in 1948 and pretty Estelita's obvious delight in talking about bulls being killed makes somewhat uncomfortable listening in 2015. Having said that, I suppose that nearly everything in B Western Land reflects a wholly different way of life and, generally speaking, we fans wouldn't have it any other way.