I don't recall whether I've already discussed my feelings about the Disney musicals on here, so I'll try to be brief just in case I have.
The first Broadway musical I ever saw was "Beauty And The Beast" when I was five or six years old, and I hated it. A few months later, I saw the revival of "Show Boat" which gave birth to my lifelong love of musical theatre. Out of all my friends whose first musicals had a significant effect on their lives (and who saw these productions as very young children), very few say that one of the Disney shows caused them to fall for musical theatre. Most were introduced to musical theatre by "Show Boat", "Les Miserables", "Once Upon a Mattress", and other musicals that were not written to entertain an elementary school audience.
I have not revisited "Beauty and the Beast" since that initial experience so I can't really judge the stage production, but "Beauty and the Beast" was (and still is) my favorite Disney movie, but the stage production didn't even entertain my six year old self.
"The Lion King", while problematic at points, is actually a very exciting evening of theatre. While, quite honestly, most of it is terrible, the few good moments are so beautiful that, for me at least, they overpower the dreck. "The Circle of Life" is both visually stunning and vocally exciting (though probably entirely prerecorded), as are much of the cross overs, transitions, and dance numbers written for the stage incarnation. The music written in Zulu by other composers besides Elton John (I can't find their names anywhere, unfortunately), though rarely heard, is incredibly exciting. Also, Taymor's direction is incredibly exciting visually even though she tends to hire entirely incompetent actors with no sense of how to work with masks or portray animals. Elton John's new songs are terrible and many of the pop style songs from the movie don't jive with the general feel of the Broadway production. I recognize that most of my comments are negative, but seeing "The Lion King" is truly a positive, and exciting, and enlightening experience just for those few beautiful moments.