In brief, Rondo an excellent refresher on the events of the series, but a poor substitute. If you're short on time, watch the original. It's not that long. But if you've already seen it and want to jog your memory before watching the sequel movie or visual novel, then I strongly recommend Rondo. The original Revue Starlight series is already so lean in its storytelling, leaning heavily on evocative abstractions, that when pared down by more than half it becomes too disjointed and confusing. That isn't to say that Rondo doesn't cut the series as deftly as it can--it does. The editing is captivating. Butaside from repeated stock scenes (the opening, the ending, the transformation sequence), every scene in the original series is load-bearing, charged with vital purpose. None can be discarded without diminishing the overall work.
The scant new scenes which contextualize the film as a reminiscence of Nana aren't enough to make this movie essential watching, but are an enjoyable metatextual wrapper to the events of the series. I imagine to anyone seeing Rondo in a vacuum, they'd only serve to make the film more confusing, but they're a nice bone to throw to fans of the original. A treat, not a meal.
This film exists for a such a narrow niche that in all likelihood, if you're reading this, it's not for you. Want to get into Revue Starlight? Don't start here. Hot off the series and looking for more? There's not enough new here to bother, just go watch the sequel movie. Are you the sort who only watches movies and not series? I imagine you'll leave this film confused and unfulfilled. There are far more people I wouldn't recommend this movie to than people I would. BUT if you fit the criteria outlined in the opening, give it a watch. I imagine you and you alone won't be disappointed.