La Boheme was and is quite the popular opera.  Many criticized Madama Butterfly citing a lack of originality.  In fact, it was Puccini's originality and creative bravery that created works the likes of Madama Butterfly and La Boheme.  Many haven't heard of La Boheme, largely due to its having been over-shadowed by Madama Butterfly.  
With regard to its length, I believe that it should be preserved in its entirety.  However, I do also think that editing for length would have most definitely aided in its reception, then and now, being that it was written at a time when operas were commonly only approximately 45 minutes long.