I just saw it in Chicago last week, got tickets for half-price. It was definitely worth the price I paid. If I had paid top dollar... not so much. The story is melodramatic beyond belief (even more than Phantom) and the second act kind of drags. I thought the first act was entertaining as can be and I actually liked the direction the characters were taken into after Phantom. I will say, If you LOVE Phantom, this may not be the show for you. The characters are pretty different and their story arcs in LND ruin a lot of what Phantom set up. I enjoy Phantom but I'm not a die-hard, so I think that helped me enjoy LND a bit more than most.
Also, I thought the sets and costumes were fantastic. If you can find cheap tickets and have nothing else to do, can put up with a ridiculously dramatic story and are not a Phantom purist, I think you will find something (at least one thing) to appreciate. Also I went into the show expecting the worst after the DVD but I actually thought the small tweaks they made to it improved the show.