Alternate Character Interpretation: Unshaved Mouse has argued that Jose is an evil warlock, Panchito is literally Satan, and the former sold Donald's soul to the latter and sent Donald to Hell. Not helping matters is Jose's use of (in his own words) "black magic", and his description of Bahia ("When you go to Bahia, my friend, you never return!") that sounds quite ominous out of context.
Big Lipped Alligator Moment: There are many scenes to pick from, but most prominently when gorgeous women pop up at random in Donald's own personal, acid-induced battle with lust. Often in...strange ways. The DVD even labels the scene "Donald's Surreal Reverie".
The Aracuan Bird was apparently such a hit, he would later be found driving Donald crazy in later Disney shorts.
The Three Caballeros, as a whole, are Ensemble Darkhorses among the Disney fandom, some going as far as to consider them as a better Power Trio than Mickey/Donald/Goofy, particularly in their respective representative countries.
Hilarious in Hindsight: An obscure one, but when the narrator of the last story before Jose's introduction says "Let it go, let it go" when he's having trouble deciding whether or not he was on a tree or rock when hunting.
Ho Yay: Although the trio shown to have attractions to many girls, Panchito and Jose (especially Jose) shown to have strange attraction to Donald as well. So maybe they really are three gay caballeros! Or well, two, seeing as we know for a fact that Donald likes the ladies, but still.
Sequel Displacement: The Three Caballeros remains better-known and more-often-milked than Saludos Amigos. The fact that Caballeros was the most widely available post-Golden Age package film on VHS for a long time, while Amigos ended up becoming one of the last two to come to the format, certainly helped.