The Broadway musical - the most expensive in history - has been hit by many problems since the first preview shows in November 2010 but the U2 frontman, who wrote all the music and lyrics for the production along with bandmate The Edge, is confident they have finally got it right.
He said: "The first incarnation was an amazing thing to behold. It was very innovative. There was magic about it. But the story didn't work.
"I'd say we're about 10 per cent away from where the show will be."
The Edge added: "But as they say, Broadway shows are never finished - they just open."
After all of the Delays and issues surrounding the musical - including storyline alterations, cast and crew changes and injuries - Bono is now looking forward to being able to relax and watch it as an ordinary customer when it finally opens to the public tonight (14.06.11).
Speaking at the weekend, he told the USA Today newspaper: "I think the harshest critics have been people involved with this show. I'm tired of that role. There are a few more things I want to do, but on Tuesday, I'm going as a fan. I'm just going to give myself to it."
The 'With or Without You' hitmaker also praised the musical's stuntman Christopher Tierney - who was left in a critical condition in December after falling almost 10 metres into the orchestra pit during a preview performance - as a "rock star" for his dedication to the show, which he is set to return to tonight.
Bono said: "Some real superheroes have emerged. I always feel like I'm pretending to be a rock star for a living. Chris Tierney is a rock star."