After the reports this week that (mostly brainless) musicals have swelled the coffers of London theatre to unprecedented levels, here's a small hurrah for proper, if not necessarily serious, drama.

Ron Hutchinson's comedy about the making of Gone with the Wind earned glowing reviews when it premiered at the Tricycle last year. It was described as "the best stage play about Hollywood since David Mamet's Speed-the-Plow" and "blissful".

Yet Moonlight and Magnolias was overshadowed by the preopening hype surrounding Trevor Nunn's West End musical adaptation of Gone with the Wind.

Well, now the musical has gone south, so to speak, while Hutchinson's play returns to the Tricycle in triumph. It imagines the scene in an office where GWTW's manic producer David O Selznick has barricaded Ben Hecht and Victor Fleming, the latest of many writers and directors enlisted to try and get his cinematic folie de grandeur off the ground. Both men despise each other but are united by their belief that the film will be a turkey.

Only Selznick, brandishing the "brain food" of peanuts and bananas, has belief, forcing his increasingly exhausted cohorts to act out scenes such as Melanie giving birth to Ashley's baby.

Since the socialist Hecht was cowriter of the rapier-sharp newsroom comedy The Front Page, it's no surprise that Hutchinson's script bristles with one-liners, or that Sean Holmes's production was praised for its screwball qualities. In this revival, Andy Nyman and Steven Pacey reprise their roles as Selznick and Fleming, while that fine actor Nicholas Woodeson takes on the role of Hecht, with Rebecca Calder as Miss Poppenghul.

After Moonlight and Magnolias, the Tricycle will mount a second revival of a well-received show - Kwame Kwei-Armah's gently intelligent take on ethnic identity, family and mortality, Let There Be Love. Not just a great time for musicals, then?

• Tonight until 2 August. Information: 020 7328 1000.