Went to see this evening, and enjoyed it. I didn't realise until a couple of days that it was a compilation film, so I had rewatched the first 4 or 5 episodes on Netflix.
Enjoyed it quite a bit, the school council didn't really feel missed, though it was very much a Greatest Hits of Zero. Was fun hearing the soundtrack and The Emperor of Britannia's booming voice in the cinema sound system, though his speech during the funeral is more than a little uncomfortable these days (even more so than when I saw it the first time years ago).
I get the feeling that the faults this has are faults generally of anime compilation films, so it wasn't a huge issue for me. Its just a style of film that is popular in Japan that we don't really bother with in Western English-speaking cinema.