I have to give the film 5 stars just on seeing how hard Taylor Swift, her band, background vocalists and dancers worked to entertain her audience. While it's about an hour short of her 3 and Half hour tour, the editing is excellent making the film flow naturally, letting us see and hear Taylor in the best way possible.
Is it better than live? Well you can actually hear Taylor sing, not to mention eat and drink without fear of spilling them, you do not have to deal with long long bathroom lines or barely see her (except on a big screen) BUT that love fest of "Swifties" probably isn't the same as with a live concert. For someone that has never seen a Taylor Swift concert Live, the film makes me wish it didn't cost so much to see her in person. The film was and is the next best thing. Highly recommend.
(For those easily offended, there are a couple of her songs with the f-word)