From The Producers self-titled, 1981 debut album, which is now out of print, I believe. "What's He Got" did not get a ton of airplay on MTV, but was played a bunch on HBO's Video Jukebox. Now mostly forgotten, Video Jukebox started as a short series of videos played to fill time between movies on HBO in the late 1970's and early 1980's. Eventually, HBO tuned Video Jukebox into a half hour show, and it ran on the network in this format from 1981-1986.
At any rate, "What's He Got" is a rare pop gem from the Atlanta-based quartet. And yes, that is Wayne Famous on keyboards.
Note that The Producers "She Sheila" video is also on ERV.