Not great. Also I'm pretty sure they don't have the rights to the songs
EDIT: Also it looks like their indiegogo campaign only made $745 out of the $20, 000 goal
I read somewhere that, because they are just performing the songs in concert, they can get away with not having the rights. However, they would definitely need them if they were to actually stage the musical.
This isn't really a preview, it's just the cast singing Panic! songs... not sure how they got into 54 Below, it's pretty prestigious within the Broadway community.