Saw it just today. As a gay man, having the the male cast half-naked for over 2/3 of the show is a big +. The "fag hag" gypsy woman is great too... this show is so queer!
But while I am a great lover of camp and innuendo, I have to say that overall, the show misses more than it hits. Many jokes fall flat, and the singers frequently don't enunciate enough to catch the lyrics. Many of the songs go on too long, and the ending is muddy (figuratively, not literally). The pacing seems really off, too.
On the plus side, the cast is enthusiastic, and there are a number of good jokes, you just have to pay attention a bit. And I did I mention the half naked men? The swimming sequence is cool, too.
I do think there's some really great potential here, but to make it really work, the script and songs need to be tighted up, and they (Universal) really need to know who their target audience is. If they are trying to have a more "adult" show, that's fine, but it should be explicitly stated in their program and ads. Many who left the show mid-way (and there were many) had small children, who were probably offended! Not a good business practice to offend your paying audience. I'm guessing they'll be getting a lot of complaints from parents until this is cleared up...
And no matter what people do think of the show, I do have to give Universal credit for trying to do something really different, and certainly not "safe" by typical theme park standards. That takes some real guts, and while it's doesn't entirely work, I give them lots of props for trying something unique.