Mercutio's Queen Mab speech is an interesting discussion point for Romeo and Juliet. Technically, as last as far as the plot goes, you can skip it altogether. It goes more toward character development. When I was in school we had lengthy discussions about what the speech tells us about Mercutio. I know one high school teacher of Romeo and Juliet who simply skips it.
I noticed this blog entry about Queen Mab, which includes link to an audio of the spoken word, the speech transcript itself, and some commentary. It's short, but it's nice to see a whole post about just Queen Mab.
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