I am studying this play for AS level. Although the style is archaic the play makes for an entertaining and lighthearted read. Wilde is questioning the values of the well to do in society of his day. Key characters such as Lord Illingworth and Mrs. Arbuthnot are very well developed but Wilde falls down with the innapropriate melodrama offered by Gerald at the end of Act 3. this rather spoiled the play for me and was the case when i went to see it too.
I think that the play is a valuable work and a well devised social critique. it is by no means 'the Picture of Dorian Grey' but I recomend a look to any student or acting enthusiast.