All that glitters may not be gold, but there's no doubt that Cole Porter's "Out of This World" is almost entirely the genuine 24-carat stuff. The production is more of a spectacle than a musical comedy, and it is certainly more spectacular than anything Broadway has seen in a long time. Mr. Porter has reworked the ancient Amphytryon story into a fast-moving, melodious extravaganza of gods of mortals.

True, the traditional plague of musical comedy--weak book--is present. The dialogue is kept to a minimum, however, and the plot is a good one, as anyone from Plautus to Giradonx would testify. And what the book lacks in comedy is more than made up for in the excellence of Porter's music and lyrics, and the lavishness of Lemnel Ayer's decor.

Jupiter's philandering is the theme of "Out of This World." The immediate object of his desire is a young American girl named Holen, the newly-wed wife of a magazine writer. On his father's orders, Mercury brings the bride and groom to a Grecian inn near Mt. Olympus, where Jupiter goes to work. By disguising himself as her husband, he finally seduces the young lady in what may be called a furious first-act climax.

Charlotte Greenwood makes a triumphal return to the musical comedy stage as a frustrated Juno, forever pursuing her errant husband. When she is on, she outshines everyone else; she and she alone exploits Porter's songs to their fullest. Her singing, dancing, and her mugging and remnants of a style of musical-comedy performance that prevailed in the expansive '30's, and which might well be revived now. David Burns is also a pleasure to watch as Niki Skolianos, formerly of South Chicago, who operates the inn and a poppy plantation on the side. Other praiseworthy performers are William Redfield as Mercury and Barbara Ashley as a Chloe, a Grecian lass. William Eythe and Priscilla Gilette, as the American newlyweds are pleasant but not especially brilliant.

Cole Porter's score is tuneful and captivating Quick changes of tempo carry the show along swiftly. His lyrics are alternately witty and romantic, and always charming. Some of the songs you will be hearing in about month are "Use Your Imagination," "Climb Up the Mountain," "Cherry Pies Ought to Be You," and "Nobody's Chasing Me;" but it must be made clear that these are only a few of many. Hanya Holm's choreography adds to both the pace and spectacle of the production. Janet Collins dances superbly and flawlessly in two beautiful scenes.

"Brilliant" is the only word to describe Lemuel Ayer's scenery and costumes, Charlotte Greenwood's performance, and Cole Porter's new score. Almost the entire remainder of the production maintains only a slightly lower standard. Now is the time to write your friends in New York to buy their tickets.