Just saw it Sunday. The singing wasn't even close to the level of the singing in the stage productions but the acting...I was blown away by the acting performances.
The acting just seemed to lessen the impact of the less than perfect singing. Russell Crowe was great as was Jackman, Anne Hathaway (is she capable of a bad performance?) were incredible.
The drama created by the cast was a sight to behold. By the end of the movie there were people sobbing in the theater. I absolutely loved the movie and am very much looking forward to seeing it again.