It's a real shame that demise of LIFE magazine cost COMPANY this really witty joke. Nothing else is ever going to work in this line and I'm kind of surprised that Sondheim never completely rewrote it to find a more timeless joke (no pun intended).
There are so many references in COMPANY that place it squarely in New York in 1970...I wonder if we'll ever see a production again that sets it then.