I think the point of the Shermans having really simplistic, repeating lyrics is spot on. Returns songs are far more non-linear and almost none of them rely on a traditional "verse/chorus" structure. The original songs might be more classic, but I also think the original had more filler in its soundtrack...specifically the three songs introducing us to the Banks family. The two "terrible parents" songs and the "we want a perfect nanny" song are both fine but really slow the pace of the first film to a crawl. The themes of the first film creep up on you, the themes of Returns are loud and in your face for all to see. It's an interesting crossroads. The songs in Returns are where most of the depth comes in, not in the subtlety of the storytelling which I admit there's not much of.
Step in Time is obviously a far more iconic sequence than "Trip a Little Light", but if I'm being honest I think I like the song even more from a sheer creative writing point of view. Step in Time is literally just "do something...step in time!" over and over again. Trip a Little Light has highs, lows, really fun wordplay, and some fantastic choreography and set piece moments in its own right.
Lin Manuel Miranda is freaking adorable and I love his bad accent. It's a total throwback to the Bert performance and was a bold choice. I can see how it can rub people the wrong way, but I personally think the inclusion of the bad cockney made the film feel even more authentic to the original.
There's definitely a few sequences that don't hold up that well. I'm not a big fan of "Can You Imagine That". It's a bit of a CG overload and oddly more of a send up of Bedknobs and Broomsticks than Poppins. Streep is by far my least favorite part of the film. That whole scene feels like a total diversion and the weird translvanian accent feels oddly out of place.
The animated sequence also doesn't hold a candle to the chalk drawing scenes in the original. Nice to see 2D animation in a Disney movie again but I'll agree that it's the one moment in the film where Blunt's cockney goes a bit overboard. It's not a bad sequence by any means, but goes on too long especially with the action scene at the end. That being said as a huge Hamilton fan Lin's "Dirty Rascal" rap was a highlight.
The stuff with the bank is also very much not on point with the original. Colin Firth is another part of the movie that doesn't feel needed. I think the film would have played better if he wasn't inherently a villain character but more in line with the original film's bankers as well meaning but cold. That being said...when the Feed the Birds story gets brought up...INSTANT tears on my end haha.
One of the things I find delightful about the movie that no one's talking about are the bit part characters from the original who get expanded on. Specifically Ellen the housekeeper and Admirable Boom. Boom's arc with Big Ben in particular felt really special and in line with the spirit of Travers and the original film. Loved the magical realism of the "turn back time" sequence. I also thought Ben Whipshaw was a particular highlight as Michael. He showed a wide range of emotions and in some shots looks almost uncanny to the original kid, just grown up. Love, love, LOVE all his interactions with Mary. His song in the attic early on is one of my favorites. It's like a better, more fully fleshed out version of Maurice's song from Beauty and the Beast 2016.
Blunt herself is simply fantastic. What a great combination of the writing for a character being spot on and an actress coming along to make said writing absolutely leap off the page. Overall it's definitely not a perfect film, but at the very least I think it's FAR AND AWAY the best of the post-Alice in Wonderland remake/sequel trend Disney has been on. At its core, I think it's basically "The Force Awakens" but for Poppins. A new story that takes an almost beat-by-beat approach to recreating the original. On that level I think it's just as much a successful piece of pure escapism entertainment as that was for Star Wars fans.