Three interlocking stories set in the legendary New York City dance palace make up this charming film, the third to be shot by Merchant Ivory Productions in America. In the first segment, "The Waltz," Teresa Wright is a widow who comes to Roseland in order to sustain the memory of her late husband where she meets Stan (Lou Jacobi), a man who offers her an opportunity for happiness in the present.

In "The hustle", Christopher Walken stars as a gigolo with three women in his life, all of whom depend on him for different degrees of romance and companionship.

In the final segment, "The Peabody" an older Viennese woman (Lila Skala) sets out to win a dance competition despite warnings that it could imperil her health. Ruth Prawer Jhabvala's understated screenplay received many accolades, and delivers an uncharacteristic bit of sentiment not present in other Merchant Ivory efforts.