"Anyone have an audio of Lovely Love? I've heard it's beautiful song. I'm dying to hear it. Why was it cut?"
I saw the show both with Lovely Love and after it was cut, and let me tell you that whole scene flowed much better afterward. Although it was a beautiful song, it really just wasn't a good fit with the show. The show is much stronger now with out it!
Unfortunately, "Lovely Love" just slowed everything down at that point in the second act. As others said, it didn't fit well with the tone of the rest of the show. I liked the song on its own, but the work they did removing that, adding the "Right Hand Man" reprise, and eliminating a lot of the behind the scenes stuff, basically making "Something Rotten" and "Omelette" one unit did strengthen the act considerably.