Okay, the '03 revival did not bomb by any means. It didn't recoup (I don't think any of the GYPSY revivals on Broadway have recouped, don't think this one will either) but it was hardly a flat-out flop.
My question is, what if this is a "vanity project" for LuPone and Laurents? He's a writer trying to put on what he thinks is the best production of his show, she is a capable Broadway star who wanted her chance to play the role (and who does a good job with it). In addition to this, we're also getting the chance to see Laura Benanti giving the best performance of her career, Boyd Gaines showing us he's one of the best working actors, and a fantastic break-through performance by Leigh Ann Larkin.
If there's people willing to throw their money at Laurents so we can see this revival, then I don't see what's wrong with it. It's not like it's a revival of THE WEDDING SINGER, STARLIGHT EXPRESS, or BROOKLYN.
"Some people can thrive and bloom living life in a living room, that's perfect for some people of one hundred and five. But I at least gotta try, when I think of all the sights that I gotta see, all the places I gotta play, all the things that I gotta be at"