Few shows today honor three-act show structure anymore - and they should. The first act break in Peter Pan is after I'm Flying and in my opinion, it needs it. The original reason, however, was to get Peter and kids out of the harnesses and to make the set change into Neverland. For the two-act version, they do some completely unnecessary dancing and time-killing stuff "in one" while the set is changed. It just adds time and is a bore.