Yes, it really is that bad. Les Miz is my favorite musical of all time, Miss Saigon is in my top 10, and I also really enjoyed Martin Guerre both in London and D.C., so I'd consider myself a Boublil/Schonberg fan. Unfortunately I have to say I thought PQ was pretty awful and one of the worst shows I've seen in years. Most critically, I didn't care for the music at all, the premise is promising but the book a mess, and the direction is even more aimless. You could tell they were trying to build momentum, but it just didn't work. Even the choreography was a disappointment. I think Stephanie Block is talented, but she could not save this.
I think Jekyll & Hyde was significantly better than PQ (and to be honest, I thought that show had a LOT of problems, including an uneven score and some very questionable lyrics).
It seems to me that a lot of people do like the show, and in fact the night I went many felt compelled to give it a standing ovation. So if you do decide to go, I really do hope you like it. But I hated it. Sorry. I think there are probably better shows you can get on TKTS.
"This is wanting something, this is reaching for it,
This is wishing that a moment would arrive.
This is taking chances, this is almost touching, what the beauty is." --The Light in the Piazza