I, too, have recently watched this (thanks, internet!) and yes, the book and lyrics are the problem.
There is a musical lurking in the piece. Musically, this is Lloyd Webber at his strongest, it's a far better score musically and evocatively. I love the staging for Coney Island Waltz. I hate the prologue. The Phantom of this piece is a jilted ex bf, not someone who raped Christine and therefore gave her a son. I'm all for turn of the century melodrama, but there is no villain to the piece. And Christine, the focus of the original Phantom, is almost a bit player in this. Slater and Elton are completely out of their element here.
However, with the way this season is shaping up to be, I wouldn't want to bring it now either.
"Are we being attacked or entertained?" - MST3K
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