Unfortunately, it seems like neither the rewrite not Smith can do much to lift this show up. That beautiful score is still intact and just as tuneful and catchy as ever and I can't find a single flaw in that, but this production feels a little cheap, sluggish, and light on laughs.
The first act is better than the second with a mostly engaging backstage/star is born story involving vaudeville legend Fanny Brice who is a self-professed "bagel on a plate of onion rolls." She makes her way from small theaters to the Ziegfeld Follies by her sheer talent and will of steel. Soon, she's a star and attracts the attention of handsome Nicky Arnstein who sweeps her off her feet and leads her down a dark road of heartbreak and hardship.
Though still a bit sluggish, the first act at least entertains, but the 2nd act is a complete slog with the main conflict being Nicky's gambling issues which doesn't make for very compelling theatre. Sheridan Smith tries her best, but while a capable singer, she tends to speak a lot of her notes before ending every song with a socko final note as if someone once told her to always end with a bang and they'd forgive you for slacking elsewhere. Some of her comedy lands, but she seems to be under the impression that making wacky faces is all you need to land a punchline and it hurts her more than it helps her. It might not even be her fault. This show was written and tailored to Streisand's unique talents and, without her, the show suffers.