As a teen/early 20's, I was a fan of the original NBK. Haven't watched it in some time, but I would probably rate it now, as a bit over-indulgent, hammering home it's message a bit too far and more of a music video than anything.
I never read Tarantino's script. Was surprised at the time it was written by him and of course Stone's NBK feels a world away from Tarantino's films that were all the rage at the time.
I'm so pleased to report that this is a great edit - a wonderful 'what could be'.
video/audio quality: very good, no complaints - it's apparent that some deleted scenes that are happily included here are only SD quality, but this version, which appears to be the newest suffers no problems with audio levels. Just suddenly we have a lower level of video, but it doesn't detract for me, or bring me out at all.
On the audio front - I can only reflect what Neglify said - too much use of known Tarantino music slightly detracts. It's a bit 50/50. Using known Tarantino music definitely makes it feel Tarantino-esque, especially when the photography style is so clearly not. Yet, it would have been nice to choose some other 70's style music that Tarantino might have used.
Narrative - no problems here whatsoever. Makes you realise how much Stone added in to beef this out, that wasn't really necessary.
Enjoyment factor : Loved it. I was a little alarmed that it was only 55 mins long, but the story is all here. If this does indeed follow the script, then it's fantastic.
If you hated the original NBK for all it's OTT, then this is for you. Whilst we don't have the Tarantino long dialogues and character developments(which aren't possible, due to scripting, Stone, deviations and removals), this does feel like a completely different beast. I will be recommending some of my old university buddies watch this - from a time when NBK was banned in the UK and we were desperate to watch this, this I think is a worthy alternative. It's edited well and brings us well back to what Tarantino perhaps would have delivered. I think, original NBK would probably annoy me now after having watched this.