Please understand that my score of 7 is based on when it was made. Had this film appeared just a few years later, I would not have been as charitable. It's just that for an early silent is IS pretty good.
There were several reviews that complained about the sound, but actually compared to so many films from 1929, this was was excellent and the acting was actually pretty good. First, you could actually hear them talking without much straining--and this CAN'T be said of films like COQUETTE (also 1929). Second, while there isn't the incidental music, this is true of just about every film in 1929. Also, while a few of the actors were dreadful (particularly "the champ"), the film was far less static than most of the early sound era. The characters in some films made at that time stood almost wood-like and shouted up towards the microphones--this one never is that bad. Had you not known how bad most 1929 and even 1930 films were, then I could see you complaining about the sound. Believe me, though, the sound in this is excellent.
As for the film itself, many will find themselves laughing at the plot--after all, just about every boxing film cliché is present. However, please understand that most of the films featuring these clichés borrowed them from NIGHT PARADE. When it appeared in 1929, the clichés weren't yet clichés and this style of sports film was the rage. Today, though, it will seem pretty old fashioned and predictable.
If I would rate this film for historical purposes, it deserves an 8. If I write it for watchability today, then it probably deserves a 5. While predictable, there still was some charm and I liked the locker room fight scene with Pops. However, I will admit that as a true cinephile and lover of silents and early talkies, I am a bit biased and tend to overlook many of the problems with these transitional films. To see more technically competent films, you really won't see too many until 1931 or 1932. Heck, in Europe and Japan they were STILL making silents until the early to mid-30s.