Let me first say that this is one of my all time favorite musicals. I saw the original Broadway production 3 times. I did not see the 2009 revival, as I was living in Santa Fe, New Mexico at the time, so I don't know about that production at all. Re the Ragtime production I saw on Saturday: Yes, the sets were minimal, and the music thin but the cast was great and we really enjoyed it. My only quibble with the cast was Kate Turner as Mother. She seemed a bit uncomfortable and didn't always stay with the music, sometimes getting ahead or behind, and sometimes talking instead of singing. But she pulled it all together for Back to Before. The rest of the case was excellent, especially Matthew Curiano as Tatah, playing for his hometown crowd. I did notice some cuts in the Evelyn Nesbit trial scene, the Night That Goldman Spoke at Union Square scene, after Sarah was killed, and at the Morgan Library. These cuts I think detracted from the flow of the show.
Re equity vs non-equity, I think this is room for both, and in my experience the cost has been very different - e.g. Ragtime was $55, where as the equity Book Of Mormon was $125 - and I enjoyed Ragtime much more.
Best overheard comment of the night, from a woman sitting behind me at intermission: "This is almost as good as Fiddler!"