The lobby and theater are gorgeous. If you're a large enough fan to come to the show, you probably want to allow at least 10 minutes to wander around and explore. (Check out small details like the pattern on the carpet and the carvings inside the theater, in addition to the larger areas like the patronus paintings by coat check.) That's 10 minutes on top of the normal 30 minutes I like to get to the theater early to use the restroom, get a snack, find my seat, peruse the playbill, etc. But if you're not interested in looking around the theater and you're really just coming to see the show and leave, you can absolutely arrive at the theater 20 minutes before curtain and be just fine. There will be a slight line to get in, but it moves quickly. The previous poster is correct - people do seem to arrive a full hour early and mill around the lobby. That's, in my opinion, a little unnecessary.