Say what you will about Walt Disney being all about sweet family-friendly fare, but I maintain that beneath that wholesome exterior beat the heart of someone who loved to scare the hell out of little kids.
Think about it -- Snow White being told to run into the forest because the Queen wants her heart cut out (!!!), Bambi's mother getting shot, the nightmare of Pleasure Island in Pinocchio.
I loved them all.
And I loved this one as well. Every year on The Wonderful World of Disney, they would show this short, and I would watch it and enjoy the combination of humor and horror.
I think it still holds up today as one of the most horrifying (and hilarious) cartoons ever made. I love how it starts out with him getting terrified by just his imagination, with easily explained reasons. Then, just when he convinces himself that he's being an idiot....