I actually enjoyed the movie quite a lot, considerably more than (the first half of) Les Mis (I did enjoy the second half), Nine, The Producers, Rent, Annie, and Evita. I actually enjoyed it more than the movie of Dreamgirls, although I would acknowledge that Dreamgirls is a better movie. (Going back to the 70s and 80s, I thought it was better than Hello Dolly, On a Clear Day, Finian's Rainbow, the original Annie, The Wiz, and Half a Sixpence. That is a pretty decent percentage of there movie musicals made in that timeframe.
I think there was one built-in problem: it was very stage-bound, since it all took place in the Opera House, with the exception of the cemetery scene, which was so obvious a stage set. Couldn't they have opened it up a little bit? I think this hurt a lot. A better director could have figured out how to make it less stage bound.
The three leads were okay, but none of them gave a star performance. The charisma quotient was very low for a romantic musical. On a side note, I thought Patrick Wilson's wig was so awful that I found it distracting. The role is one-dimensional enough to start out...then to give him that hairdo just made the character more vapid.
Back to the scenes at the cemetery...the fight was so badly staged as to be laughable...when I have played the movie -- and I really do enjoy a lot of it -- I fast-forward through that entire sequence, which makes the movie much more enjoyable.
I guess I would term it a guilty pleasure, since -- in the final analysis -- I have always enjoyed watching the movie (at least the 85% that I do watch), even though I believe it could have been a lot better.