My family and I loved this show. We saw it on the first day of our trip, and the songs were stuck in my head for the rest of the trip! Yes, a lot of the lyrics are corny and maybe could have been better (a lot of them were taken directly from movie quotes), but I thought the melodies were fun and memorable. We ended up seeing it again toward the end of the trip and I bought the soundtrack.
I love the broadway feel of the show, the puppets are beautiful and the singing talent is top-notch, the best you'll hear in any WDW show. None of us particularly cared for FOTLK, and don't really get the hype over that (is it the audience interactivity that people like so much?). Plus when I was watching it I thought the three character floats they used seemed awfully familiar. Then I realized that they were 3 of
Disneyland's Lion King Parade floats from 13 years ago.