I agree, it's one of my favorite songs because the texture is so complex, but it still works... I think it's marvelous writing on Jonathon Larson's part (okay, so when is his stuff not marvelous, but still) to have five completely different parts going on simultaneously and they still all mesh and harmonize...
Wilson Jermaine Heredia also said it was his favorite song in the original production...
Sadly, i think they cut it because it's long, and it doesn't really move the plot along or say anything that important (i.e. la vie boheme), and it's not anybody's "big solo"... (i.e. one song glory or out tonight). It's really more of a description... and pictures and camera shots can do that well enough without singing an entire song about it... and for the other reasons stated above, that the complexity of the number wouldn't translate well on the movie screen.
"Life is too important to be taken seriously" - Oscar Wilde
"Boredom makes you do crazy things" - Jenny Holzer
?If you obey all the rules, you miss all the fun." - Katherine Hepburn