I found it to be a pretty middling production worth it only for the production values the Lyric could provide. Maria had a gorgeous voice, but her acting was embarrassingly amateur. Tony was a good actor but his singing was far too contemporary--he punched the consonants, preventing him from letting any line feel legato, and he even sang some incorrect notes. Anita was a great dancer but a sub-par singer and actor. Yes, it's great to hear the score played by 43 musicians, but at least at the performance I attended, I felt that the conductor didn't really dig into the dynamics in the way I want to hear a Leonard Benstein score played. The dancing was mostly the original Robbins choreography, which it's always great to see, and I personally thought it was well-executed (it was certainly done better than the lackluster tour of the Arthur Laurents production). The set does have a cool trick revealed at the top of act two, but mostly it's just an open playing area. The costumes are contemporary, and that choice really doesn't add anything to the show.
Francesca Zambello's direction really didn't make the piece come alive. Most of the actors gave surface-level performances, and the staging reflected that. If anything, this production gave me a better appreciation for the ill-conceived Laurents production which at least understood what what happening in each scene.
If you want to hear the big orchestra and see the original choreography, then by all means go, but lower your exceptions in every other department. I was occasionally impressed but thoroughly unmoved.