Looking at my notes from the Chicago run and I think this show is now in a position where the changes they need to make are scene-to-scene, rather than a wholesale overhaul, which they've already effectively done.
As a musical, it still gets stuck at being just okay too often, and a lot of the numbers feel like incomplete thoughts, or are just missing that extra dramatic element. There are a lot of opportunities for a little expansion or extra dimension to these songs.
Dress Your Way Up, for example, is catchy, but it settles for just being a fun makeover bit, while the opportunity is there for it to also show us more of Nigel's perspective on personal transformation. This is a moment where he could be seducing both Andy and the audience, while also setting us up for the (new!) Finally Seen reprise in the second act, where we realize the extent to which he's just a sad, deluded lapdog. As it is now, the two parts are separate, but with just a little adjusting the first could feed directly into the second. There's a lot of that in this version, bits that just don't quite connect but very clearly should, and could with minor changes.
Miranda getting more to sing is a great choice. I do wish "that's all" were slipped more casually into the House of Miranda number but it's great that she has more of a voice in this, which leads better to her final number. The bit she has in Paris where she sings to the city is very, very intriguing, and I love how minor key and kind of disturbing it is. I'm also glad that they've decided to just give her the cerulean monologue as dialogue in this, it works much better unadorned.
Emily also functions much better here, though I almost wish that, instead of getting a cold and then being hit by a Prius, she screws up at the ball and then later collapses due to malnutrition. It would be darker, but also sharper, and would tie more into the arc of her starving herself in the first act. I was honestly surprised they didn't have her come out in front of the curtain after intermission to have a breakdown about not going to Paris.
Andy's boyfriend's role is definitely improved as well - "I Only Love You For Your Body" does a great job of showing us what they're both like as normal human beings, both silly and jokey and then earnestly into each other. I like the suggestion that Andy screwing up the birthday celebration is suggested to have actual ramifications for his career, and I wish they'd play that up more.
I've seen a fair amount of criticism that the second act drags in comparison to the first, but I like that it zooms in on this one specific pressure-cooker event. It's missing a level of intrigue, but I'm glad that they've leaned more into the tension for the second act.
Clearly their decision when revamping the show was to hew closer to the movie, rather than completely reinvent it, which is a bit of a shame because there's a lot to chew on in how the fashion industry has changed. Given that they've already announced an extension, I'd be surprised if they put any more serious work into it, which is also a shame. Some lyric changes, some cuts, and some reshaping would go a very long way.