I saw it Monday night, and I thought it was great. To a certain extent (especially in the second act) the story takes a backseat to the high-flying stunts and the video displays. The first act is incredible. It tells the story told in the first movie with some edits here and there, the acting is superb, and did I mention how awesome the flying stunts are? The second act is not as good by any right, but it has moments for sure. The main spectacle of the second act has to be the use of giant LCD towers to display the various villains. That's not going to sound too impressive, but knowing what went into making those work, I am humbled. Finally, the music is awesome. Bono and the Edge do a fantastic job on some songs, and a not-so-great job on others.
Not everything is made for critics, and this show is an example of it. Plus the sheer work that it took people to produce this show is more staggering than the amount of money it has cost. Plus, it made 12.6 million dollars last week, and it hasn't even opened!
May it live forever.