I saw it the night before opening and it was down to about 2:35ish. An acquaintance who saw the first preview reported 2:55, so they've definitely made some trims. They need to make more. It still feels a bit long, the book wanders in places. This is one of the problems that arises when a writer directs their own work - they don't want to lose their darlings. There are at least 15-20 minutes that can be trimmed off of the show that I saw.
Aside from some issues with the book, it really is a very entertaining evening of theatre. The three lead women are all terrific, they carry the show very well. All three of those roles are beasts - vocals, choreography, all of it. I would be very pleased if they stay with the show should it live on after this production.
The choreography is fantastic and beautifully executed. Despite the aforementioned issues with the book, there is still quite a bit that really works and parts of the show are very funny (as well as heartbreaking, as anyone who is familiar with TLC will know).
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One thing that I really appreciated about this production - while there are obviously very sad moments in the second act, the show never feels depressing or preachy. Once Lisa dies, much of the show feels more like a celebration of her life that is filled with joy, rather than doom and gloom about how tragic and awful it is. That's what this show needed, and it works well.
I do recommend this production and will probably see it again before it closes.