Other commentators have detailed the plot and the social parables and commentary as well (or better) that I could, but I would like to join in my admiration for this little jewel of a film. It holds up very well indeed more that 50 years later in every category - screenplay, acting, photography, set design, sound design...it really is a classic of sorts. This was my first exposure to the "young" Alec Guinness, and it's obvious from the first frames what made him so special as to eventually receive a knighthood.

I only rate it an "8" because it's essentially a rather lightweight parable that examines human nature but doesn't really skewer it; and because the plot takes the easy way out at the end, rather than actually resolving conflict between the inventor and the mill workers and industrialists who are chasing him all over town. Also, a couple minutes of thought reveals the basic flaw in the logic of the screenplay - wear and tear is hardly ever the determining factor in buying new clothes (especially dress clothes); children grow up, people change sizes, gain and lose weight, and go with the latest fashions all the time, and have as long as looms have woven cloth. And if nothing else, the manufacturer would make a fortune providing indestructible material for military uniforms (especially BDUs).

Still, this is a great film. If you get a chance to see it on a classic movie channel, you should.