It’s debatable whether the world needed yet another As You Like It, since Shakespeare’s pastoral romantic comedy seems to receive a new production every other week. But there’s no debating that the current rendition in Central Park fully mines the joyous aspects of this hardly neglected work. Beautifully staged by Daniel Sullivan and performed by a talented ensemble featuring the increasingly impressive Lily Rabe, it piles on the riches with a tunefully foot-stomping bluegrass score by none other than Steve Martin. It’s an early midsummer night’s dream.

Although the play’s silly plot machinations have a tendency to wear thin, they seem far less contrived in this charming outdoor production that takes full advantage of its bucolic setting. By the time characters start miraculously popping up amidst the branches of the tall trees dotting John Lee Beatty’s evocative Arden Forest set, you’ll be thoroughly hooked.

The action has been transposed to the 19th century rural American South, which not only works in terms of the play’s raucous humor but also provides the opportunity for the joyful musical interludes provided by a raucous four-piece band featuring the terrific Tony Trischka on banjo.

Sullivan, who staged a similarly masterful Merchant of Venice at the same venue, delivers a remarkably cohesive production that includes no weak links among the performers. Rabe, who, despite her attractiveness, is remarkably convincing when assuming a male identity, is a sparkling Rosalind and displays terrific romantic chemistry with David Furr’s Orlando.   

Andre Braugher strikes just the right respective notes of oppressive authority and gentle kindness in his dual roles as Duke Frederick and Duke Senior; Oliver Platt is a hilariously boisterous Touchstone, with Donna Lynne Champlin more than his match as his love interest; Stephen Spinella impressively delivers the philosopher Jacques’ famous “7 Ages of Man” speech; Renee Elise Goldsberry is appealing as the sensible Celia; and the appropriately named Will Rogers is a hoot as the lovestruck shepherd Silvius. Even the smaller roles are played by such solid pros as Robert Joy, Omar Metwally, Macintyre Dixon and Jon DeVries.

The Delacorte Theater is celebrating its 50th anniversary with this buoyant production, to be followed later this summer by the musical Into the Woods. You only have another week to catch it, but make the effort. It’s even worth braving the heat.

Delacorte Theater, Central Park. 212-967-7555. www.publictheater.org. Through June 30.