Though the recording wasn't released until 2010, the actual production played at the Lortel in 2007.
I worked on a tour of that production and I will personally say that Marcia Milgrom Dodge's direction of the piece was spot on, especially considering the target audience. The show was stripped down of all the excesses of the Broadway production and given a sense of playfulness, fun, and imagination that was missing when it was bogged down by a huge set and elaborate costumes and some unnecessary story lines.
Stephen Flaherty and Lynn Ahrens were both delighted with the staging and saw several of the casts that went out on the road with it after the run at the Lortel.