I watched Funny Lady overnight and enjoyed it overall. (I'm not sure how much of that is from having seen the first movie recently. If I had to wait seven years for it I might not have had the same affection.) James Caan does a much better job than I expected. Billy Rose is still a world-class asshole, and it's stupid how easily Fanny gives in, but she (spoiler alert) does get her own back in the end. We get to see a lot more of Fanny's inner thoughts and how she deals with things, instead of the slapdash style of the first movie.
Several people commented on how Barbra was made to look stunning in Funny Girl. In Funny Lady that's dialed up a few notches, including the sex appeal with some very revealing costumes. There are some troublesome "blackface" or "Lawd, save us" numbers. (The latter has the most revealing costume.) Ben Vereen has a part in the worst blackface song and then has a solo a short while later. I am surprised that a 1970s musical would have troublesome numbers in it, even if it is depicting the 1930s.
I enjoyed it and wouldn't mind seeing it again. For others, let me quote the best Letterboxd review from indi: "my parade: rained on". (I just had to add that since several people mentioned "Don't Rain on my Parade".)