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Having spent the last few years writing a book on Larson's work and methods, I feel pretty qualified to answer this (and will save the shilling and the link for the end).

 

The question of RENT's ongoing legacy and reputation is hard to judge for a couple reasons, not least of which because the show is such a product of its era. Changes in HIV treatment, LGBT visibility and vocabulary, and the shift of wealth and property in New York all mean that a considerably progressive work of and for its moment is now an awkward period piece. You can say the same thing about Hair, A Chorus Line, or looking internationally, Linie 1. The reason we still talk about these shows today isn't because of their politics (more on RENT's in a second) but because of their emotional cores and artistry.

 

Regarding the show and its politics or lack thereof, Larson either composed for or completely wrote an extensive amount of outright (and often heavy-handed) political material. His first mentor, Jacques Burdick, was all about Brecht and Kabarett, and the belief that theatre could influence an audience, and that stayed with Larson for his entire life and career. His 20 minute show on the de-intellectualisation of American elections? Pretty forward thinking and dead-on for 1991. J.P. Morgan Saves the Nation? Jeffrey M. Jones' script and lyrics have only become more relevant since 2008.

Keeping that in mind, RENT's politics weren't about changing the government - they were about getting middle class people to treat those outside their insular social circles with love and respect and not as unfortunate statistics or sinners to be punished. Saying that RENT should have been about invading the FDA is like saying La Boheme's main characters should have re-stormed the Bastille to provide for TB victims. It's not the intended message. Larson had lost colleagues in the theatre and friends closer to home to AIDS, and seeing people mistreated due to their illness infuriated him.

Re: the characters... Murget's and Puccini's bohemians weren't that different from Larson's. Recall in the cafe scene that Musetta creates a scene and then sends her new lover off so that everyone can run away and he gets stuck with the bill. Again, comparing the characters in RENT to other 90's media - Reality Bites, Singles, etc. - it's very much in line with the era's portrayals of 20-somethings. A lot of 90's media has not aged well, in part because it is so much about being disaffected and sarcastic. It does help, though, to know some of the background information Larson worked out as he revised the show. I've got a summarised version in the book, so won't drag things out here.

Is it a flawed show, though? Absolutely, but that's part of what makes it feel, well, human. I also find myself frequently pointing out that Larson's big pop music period was the golden age of the concept album, and as much as he was Sondheim's protogé, he absolutely picked up on the form's messy storytelling and the way that even the best concept albums have gaps which the audience (or the liner notes) are required to fill in for themselves. He was all about the big moments, the emotions, and the messages, and succeeded creatively more often than not. Had he lived past 1996, he likely would have continued growing as a storyteller.

Anyway, there's a lot more about RENT (two chapters' worth) and how it fits into Larson's creative evolution in the book. It's up for preorder here at Barnes & Noble (Amazon don't like non-Createspace self-pub preorders) and a sub-$10 digital edition is available from your e-book retailer of choice.