I have to be honest: I'm a huge Edwin Porter fan and I loved his 1903 "The Great Train Robbery." The groundbreaking film had crisp elliptical editing, short, unfolding scenes and convincing special effects. Here, two years later, in a parody of his earlier success, Porter's craftsmanship has slipped several notches.
The idea of using teenagers as the robbers/cops was clever. Beyond that, however, the technical aspects of "The Little Train Robbery" is inferior to the production of the movie it's making fun of. Porter's scenes here are excessively long and drawn out. In his earlier effort where he clipped the chase scenes in compressing the action, in the 1905 version, the camera lingers as the long string of individuals runs by the camera--including the last person trailing the posse. After several camera placements showing the chase, the viewer can be excused for eliciting a string of yawns.
Historically, the LTR is worth watching since it is the very first parody, an imitated work that is intended to showcase a comedic side of a very serious event the 1903 version highlighted. For that the LTR is of utmost importance for anyone who is remotely interested in the origins of cinema.