We went to see this last night. The night before we had watched the 1968 version, and we saw the touring Broadway production of it earlier this year.
I liked the 1968 version better. This one is pretty faithful to it apart from the change to being a musical, and changes regarding the lead actor in the musical-wthin-a-musical. It was funny, and I enjoyed it, but I didn't think that making it a mjusical added much to it on screen. (On stage, it worked very well.) My kids felt the updated version was livelier and hence better.
I liked the 1968 version better. This one is pretty faithful to it apart from the change to being a musical, and changes regarding the lead actor in the musical-wthin-a-musical. It was funny, and I enjoyed it, but I didn't think that making it a mjusical added much to it on screen. (On stage, it worked very well.) My kids felt the updated version was livelier and hence better.