I use this song with 5th graders to practice high and low D's. (I explain that high D has a mark next to it.) It's nice to play as a round.
It's also a good opportunity to practice staccato and legato.
Then, we use this song to practice writing our notes with the correct stems on the correct lines and spaces. It surprises me how difficult it is for 5th graders to write legibly on the staff. It's a good practice before they have to compose and notate their own pieces.