Yes, the show is going on now and has been for several weeks at least.
The castle is fully complete and all hub walls are down.
The show is good, a little mushy, and the boys will not like it nearly as much as they did when the Disney characters were all out on stage.
All characters in this show are real people characters (meaning no full body costuming).
As an adult who really doesnt get into show (no kids yet) , my wife and I found the only real disappontment to be that unlike the previous show, there were no full body characters. No Mickey, Minnie, Donald, Pluto, or any of them. Unlike the last show there is not multi-character photo-op at the end of the show.