I have enjoyed this, but I can understand why others may have not.
This is not a direct adaptation of the story as much as it is an homage to the original story and how that came to be. It is part documentary, part adaptation with mixed results.
I have found H. E. R. To be a charming Belle, Josh Groban was great as Beast (though underused), Joshua Henry was a fantastic Gaston and Rita Moreno was a delightful host. Shania Twain was not bad as Mrs. Potts, but lacked the theatricality that Angela Lansbury brought to the role. Martin short was Martin Short, meaning a joy and David Alan Grier was well cast Cogsworth.
I liked the sets they used and the costumes, though I have found the Beast to me a little more frightening than it might have been intended. The musical numbers were well done and well sang.
The different styles flow better in the beginning than they do in towards the end and I feel that for what they intended to do they showed too much of the original movie.
Is this bad? No.
Do you miss out on anything if you don't watch it? Depends on how much of a Beauty and the Beast fan you are.