I on the other hand saw it once or twice as a kid on PBS. Then got the DVD while i was in college and must have watched it at least four or five more times since then. And then i got the soundtrack CD, ripped it, and made it a part of my regular music rotation.
They all liked the movie. I liked it _but_ every time they changed a line or skipped something my brain immediately latched onto it. Trying to put aside the constant distraction of that, i think it was reasonably good, but still not as good as the original musical.
One part they did do very will was the "Agony" duet, which really played up the one-upmanship between the princes in a hilarious way. Of course that makes me doubly sad that they never did the reprise of that song in the second half.
I also really miss the Narrator character. I presume he just got cut for time, because i can't think of any plot specific reasons why they got rid of him. They also left out the death of one of the characters. I'm not sure if that's because they wanted to lighten it up a little, because it let them save some more time, or both.
So yeah, all in all not ideal, but not as bad as i feared. If you haven't seen the musical, or haven't seen it in a long time, definitely go see this. (And then watch the musical.) If you've already seen the musical recently or are very familiar with it... your call.