Among the reasons CBS was known as the "Tiffany" network was this excellent series. It was created by pioneer tv writer/producer/technician Worthington Miner, and the material selected was consistantly top-notch, with production and acting talent coming from Broadway talent.
Through the years such stars as E.G. Marshall, John Forsythe, Charlton Heston, Betsy Palmer and Leslie Nielson would participate.
The magic of a live performance was Studio One's (and most of TV's) most exciting attractions, and audiences could tell the diiference when Video Tape was introduced in the winter of 1956/7. But this was not the worst, that came with the migration of television to Hollywood, just as the movies had done forty years earlier. Live shows (or even the double-talk catagory "Live on Tape" shows) were dropped one by one in favor of filmed ones. The major reason this far costlier production was chosen was because live ones, if they were recorded, were on less-than perfect kinescope film. Tape was then so valuable, a kinescope of it would be made and the tape recycled. But with film, a show could go on to make new money again and again through syndication.
The sponsor, Westinghouse, went along and a new film dramatic anthology was produced for them by one of the new power centers there, "Westinghouse Desilu Playhouse".(Which alternated once a month with the "Lucy-Desi Comedy Hour"). Even the longtime Westinghouse spokeswoman from Studio One, Betty Furness, came along to now give film demonstrations of the various appliances on offer. but audiences never built up any interest in these shows, and they all faded away in the early 60's as the second generation of viewers settled in.