Composer Stephen Sondheim will probably be appeased when he sees The Gershwins’ Porgy and Bess, the reconceived revival of the classic opera by George and Ira Gershwin and, oh yes, librettist/lyricists DuBose and Dorothy Heyward. Many of the radical changes that Sondheim objected to so publicly in his letter to The New York Times have been abandoned, with the result that this version is more or less faithful to the original, minus 45 minutes or so of its running time.

But it’s not just the length that has been diminished. Although this production has its terrific elements and is well worth seeing (especially considering how seldom the show is done), it fails to fully convey the power of this magisterial work.

While the singing by Audra McDonald and Norm Lewis in the title roles is glorious, the magnificent score, adapted by jazz composer Dierdre L. Murray, is not fully given its due. The problematic sound system prevents the 22-piece orchestra from coming across with the necessary power, with the result that the music sounds like it’s being piped in from another theater altogether.

The visuals, too, are a problem. Rather than conveying the teeming life of Catfish Row, Riccardo Hernandez’ stark tin wall set more closely resembles an abandoned warehouse. And the costumes by ESosa are not artfully drab, just boringly so.

The book adaptation by Pulitzer Prize winner Suzan-Lori Parks (Topdog/Underdog) condenses the original in reasonable fashion, and even improves it times, such as in the powerful Act II scene between Bess and Crown (Philip Boykin) that is here charged with ambiguity and sexual tension.

For the most part, however, the production is never fully galvanizing, perhaps because the reduced staging by Diane Paulus lacks the operatic intensity that the show requires. It’s interesting to note that another theater-style production directed by Trevor Nunn in London met with similar complaints and a lack of box-office interest several years ago.

Still, one doesn’t often get the opportunity to hear gorgeous songs like “I Got Plenty of Nothing,” “Bess, You Is My Woman Now” and “I Loves You Porgy” sung by voices of the caliber of Lewis and McDonald’s. The former’s warm baritone envelopes you like a heavy coat on the winter’s night, while the latter’s gorgeous soprano is consistently ravishing. Just as importantly, they bring a heartbreaking depth to their characterizations—just try not to cry during the final moments, when Lewis’ Porgy sings “I’m On My Way,” about journeying to New York City to reclaim his lost love.

Although he tends to overplay at times, David Alan Grier is a generally terrific Sporting Life, and brings a welcome urgency to such numbers as “It Ain’t Necessarily So” and “There’s a Boat That’s Leaving Soon.” The physically formidable and vocally commanding Boykin is a scarily intense Crown, while Nikki Renee Daniels, Joshua Henry and Bryonha Marie Parham are impressive in their supporting roles.

Richard Rodgers Theatre, 226 W. 46th St. 800-745-3000. www.ticketmaster.com.