I just saw it today. Can confirm - it's bad. Bad enough I'm upset it exists, because it practically taints the first.
The plot is pretty weak, and to make it worse, sporadically there are flashes that make you think it's finally building towards something, and then it just fizzles.
With very few exceptions, the songs are bad both in terms of the music and the lyrics, and they slow the movie to a crawl.
Additionally, Lady Gaga's lip synching is shameful, especially considering she's most famous for music. Her performance is otherwise fine, but it feels like they could have put anyone in there. She didn't bring anything to the role.
Joaquin Phoenix's performance is pretty good, and the cinematography is good. But... Don't see it. Definitely don't pay for it. I wish I had my money and my time back.
Saw the movie today. I concur with this astute review.
I would say there were maybe (maybe) 4 spots where it made sense to put music, and maybe 1 or 2 of those where the scene and music were done well (graded on a favorable curve). Then about 20-25 places they jammed bad music for what felt like no reason other than to slow down a movie that already wasn't going anywhere.