I just got back from seeing it. It was very good, probably as good as a live-action film based on this story could be. Animation did it far better justice in my opinion, particularly during the scenes where the household objects are singing. But they did a great job with it and many scenes absolutely shined in this version (the ballroom dance, in particular).
The one thing that surprised me is that while every other song from the original film and the Broadway musical are present, "Human Again" is nowhere to be found. It's a very important piece of the original film and musical's history, so much so that they re-inserted it in one of the re-releases of the animated film complete with full animation and voice work years later, and the fact that it was left out, even with Alan Menken scoring the film, is baffling.
Also, the "gay moment" in question was so subtle I didn't even notice it until looking up what it actually was afterward. There were at least three other moments that were far less subtle, but even those were for comic relief and no more controversial or inappropriate than a Bugs Bunny in drag cartoon.