Coincidentally, I just saw this a few days ago for the first time. Definitely worth a Netflix/Blockbuster/whatever if you haven't seen it - the story is surprisingly complex for a 1920's movie.
Edit: not Lorre's screen debut, but his second appearance, as I just found out from this superb piece: http://www.logosjournal.com/issue_4.4/leming_printable.htm.