SPOILERS ahead...
The set was really cool. I was pretty close to the front (6 rows back) and I'm sure it looked even better from far away. The main sets included Santa's house (minimal set on the right of the stage with a chair and TV), Macy's, NY skyline (very cool and full stage with empire state bldg), Hobbs' house (mainly on left of stage - just door, big window and living room, Hobbs' office (moving cubicles and elevator) and Central Park...oh and of course a revolving door. There didn't seem to be any kinks in the set workings as they didn't need to stop the show at all.
The show didn't have a curtain per se but used a screen with the Elf logo which changed colors and I believe some snowflakes particularly around the top/sides.
The orchestra is very open so if you are in the front row, you are basically looking directly into the orchestra pit. Stage is sort of high so it would be best not to sit right in front or, I'm guessing, you will be looking at feet.
The book was really funny and generally followed the movie with some changes more directly related to "current events." Most of the songs were catchy and I'm hoping they release a cast recording.
I'm not very good at describing things well so if there are any other specific questions, just ask :)
Oh, and the show ran about 2 hours with an intermission.
"Let's admit one thing right upfront: With the possible exception of Bernadette Peters, not everyone stays young and cute forever." (NYPost 2/2/05)