I actually really liked it. I found it fun and funny, and had a really good time. It's much better than the last few things I've seen at PH (The Treasurer, For Peter Pan..., Bella). I agree that the second half doesn't quite live up to the promise of the first act, and I wish O'Hara had fleshed his world out a bit more but this is definitely one of the better things I've seen lately. Loved the set and cast as well.
A little swash, a bit of buckle - you'll love it more than bread.