I've done the student version twice. The major cuts are:
The opening grunts ("uh-UH")
The second verse of "Come To Me" ("Hurry near, another day is dying...")
The Valjean/Javert counterpoint confrontation (though it's a common one to reinstate, as it was the second time I was in it)
The entire little scene after Cossette leaves and before "Master of the House"
The first verse of "Stars"
A verse from "In My Life"
The pipe and drum opening of the 2nd act
Marius' verse and the bridge from "A Little Fall of Rain"
Almost all of Dog Eat Dog, except Thenardier finding Marius' ring
The Wedding Chorale
There are other little lines here and there cut and a lot of the "excess" music, but it's still pretty much the same show. Other than "The Confrontation" and "Dog Eat Dog," nothing plot or character-wise is missing.
"Who is Stephen Sondheim?" -roninjoey
"The man who wishes he had written Phantom of the Opera!" - SueleenGay
GO CARDINALS!!!