One of the tough things with this "reunion" is that many of the bands fans are relatively newcomers over the past 10 years (and have never seen the band live, though they've probably seen SM do his thing). I'm not sure how the live experience is coming across as the songs are not exactly faithful versions of the bands songs (the sound is somewhat muddled and the tuning/playing rather lazily sloppy). It's not slacker rock. It's I'm getting paid rock. It's sort of a sound version of what I call "festival terrorism", which is when a band plays songs that their fans don't know or are not as familiar with. It's not a Phish concert, right? It's all about entertainment, right? Give the fans what they want.
Some of the videos culled from the website below seem rather lackluster.
http://www.windowfruit.com/pavement2010/LAter
NC