Out of context, the lyrics can be a bit cliched, and sometimes silly, but I completely bought them when I saw the show. I think it's a completely different style of musical theatre writing, and we cannot compare them to, say, Rodgers and Hammerstein or Sondheim.
They are pop songs, and therefore lack the direct references to characters, plot points, etc that a normal musical would have. There is an intentional disconnect between the classical feel of the text, and the rock show feel of the songs, which explore the inner feelings of the characters in an emo, pop punk rockish sort of way.
I've been describing it as a backwards Jukebox Musical.
I think it's absolutely innovative and brilliant.
Personally, I think I have too much bloom.