Well, I saw this at the NT on Friday - and thought the backdrops were brilliant, amazing dancing routines and some intensely erotic simulated sex, I'm really not sure that the original script stands up to modern day analysis. It IS entertaining - my friends are going to go again, but I felt it was style over substance. Great style mind you, and I have to say that the music was magnificent... but in truth I'd rather watch a Peter Greenaway film.
In a way, though, those Jacobean dramas do reflect a modern interest in the grisly details of violence. I haven't seen the NT production and I can't imagine the play as a musical, I must say.