You seem to be suggesting that the film would have had better "presence" if it was shorter?
Obviously in a theatre, the dynamics are different, primarily because of the audience's proximity to the actors, the theatre itself and the sound of a live band. Emotional engagement is perhaps better-achieved. Plus with the set, as fantastic as they can make it with the revolving stage, barricades, lighting and sound effects, you have to rely on imagination at time, so it could be considered a more "personal" experience.
However, even that considered, it's such a huge musical in terms of narrative, as well as the setting and costume. They had the resources to bring it all "to life" as such. And the live singing - particularly with Anne Hathaway, Samantha Barkes and Hugh Jackman - made it as close to that raw stage-show-emotion as a film adaptation could be.
I'm not damning your opinion, merely querying as someone who also loves the show, how could they have made the film better? (*cough* Russel Crowe aside)