I have a cold and my brain's more muddled than usual (hard to believe, I know), so this'll be quick. Carson from Script Shadow has taken a look at the Frank or Francis script and hands down a mixed verdict:

[...] as I look back on the script, I felt like I had to work too hard to get there. I had to push through too many characters and subplots that weren't necessary to experience the good stuff. Kaufman may be a great writer, but it wouldn't hurt to go back to the basics. Streamline your story. Only tell the parts that need to be told. Don't fall in love with stuff that doesn't really matter, because it's just going to get in the way of telling your story. (Source)

[EDIT: Forgot to mention when I first posted this: the full review is heavy on spoilers.]

That being said, it's presumably a first draft. There was a bunch of stuff in Synecdoche's first draft that didn't make the final version (I remember a cute German film buff who was bowled over by a bus -- I liked her; and Hazel's pet dog), and new things that weren't in the first draft (the preacher's speech, which a lot of people cite as a highlight). So keep in mind: these be very, very early days.

Thanks to Alby!