Actually, the Herald sings "The Prince is Giving a Ball"; the Steward only sings in "Your Majesties". The most recent TV movie combined the characters into one and these two songs into one production number, which was a good idea as I don't think either is a particularly great number and neither really adds very much to the show on it's own.
The former is merely a pure exposition number with one joke that gets varied three times and tells us a lot about nobody in particular and the latter is a list song that really doesn't do very much other than list and which has a rather silly punchline.
As for Jason Alexander in the role.... Well, let's be nice and say he was a little forced in putting across the humour. And I have no idea how the accent is justified.