Without being one of my favorites, this is good for being a change of pace... even if only for a few minutes.
It all starts with a big fight between Tom, Jerry and Spike (who is renamed "Butch" here). They're all beating each other, but suddenly Spike makes a heroic and admirable decision: he stops the fight and suggests that they all should be friends. So, all of them sign a peace treaty and become friends... which isn't going to last for long.
Meanwhile, the three become affectionate, patient and kind to each other. They even save each other when one of them is in danger of life. The relationship goes nothing but excellent, until a very big steak appears and they all become greedy. The three are guilty to return to their usual fights and rivalries.
But still... to see Tom, Jerry and Spike as friends is truly a delightful and grateful experience, even if only for a while.
Oh, by the way, as a curious fact, two songs from "The Wizard of Oz" are played here in instrumental versions: "We're off to see the Wizard" and "Somewhere over the rainbow".