I saw the show yesterday. I'd been looking forward to it for a long time even though a lot of the reviews and criticism I've been reading dampened some of my enthusiasm.
I should say that I was a teenager when the movie came out, I saw it twice in theaters, LOVED it, bought the soundtrack right away, etc. After I bought my ticket to the show I rewatched the movie after not having seen it for many years... and I thought it was almost unwatchable, especially the first half. I don't know if it's my age or if my taste has changed that much or if the movie just hasn't aged well but I really disliked it. I still admire how ambitious it is and its originality, and I think the acting is mostly great across the board. But I didn't remember it being that cheesy, or the cringeworthy 'comedy', or the plot holes you could drive a truck through. I also found Christian as a character really annoying - and I remember swooning over him as a kid.
As for the show, overall I thought it was fantastic, and fixed just about every issue I have with the movie: the Duke is a genuinely menacing character; the love triangle actually has tension; Christian's jealousy/frustration/breakdown actually make sense because Satine chooses to go with the Duke to save her friends rather than because Zidler tells her to or because she wants to be a legitimate actress; the tone deaf Bollywood play is gone; the vocal performances are mind-blowingly good as opposed to in the movie where everyone just pretended they were.
I do think Firework should be replaced (the silliness of the song itself took me out of the story, even though the vocals were awesome), and while I ended up liking the Shake It Off number (mostly because of Danny Burstein) I think it could be replaced with something better. And I could do without Christian's narration completely. I think the dialogue could be tweaked a little bit so that they could eliminate those monologues and it wouldn't affect the story.
As for the chemistry between Satine and Christian - maybe because my expectations were so low after reading the reviews here but I thought they had good chemistry, and I especially loved the Elephant Love Medley and Come What May numbers. I was expecting a Michael Jackson and Lisa Marie Presley situation so I was pleasantly surprised and their voices sounded wonderful together. I think some people also mentioned the lack of chemistry between Christian and the Bohemians but their scenes were some of my favorites and I thought Saur Ngaujah and Ricky Rojas were scene stealers. Just my two cents... of course this kind of thing is subjective.
And for what it's worth I didn't notice the age difference (from the third row in the Dress Circle). Satine is obviously more world weary and less naive than Christian in both the movie and the show but I still assumed she and Christian were around the same age. And before finding out their real ages I would've guessed both actors were in their mid 30s.
Question about the transfer: if it doesn't move to Broadway until next summer how likely is it that it would even have the same cast anyway? I would think that given the talent assembled a fair number of them won't be available a year from now.