I actually think it's a step above those movie to musical adaptations you've mentioned. ^
Is it reinventing the wheel? No. But it's a rock solid musical comedy that worked like gangbusters, in my opinion. Wonderful performances, lively musical numbers, a hilarious book, a fast pace - what more could you ask for from a big budget movie to musical adaptation? I had a great time.
I have a feeling it will be between Beth and Kelli.
I just can't wrap my head around SJB winning for Cher. She's crazy talented, but the material she is given to work with is just...let's just go with 'weak,' to put it nicely.