I've never seen anything like it
They've been looking forward to this evening for weeks. It's Opening Night and this has been the focus of their life for several months. You've heard countless tales of the show's preparations and the goings on behind the scene. Your friend is certain that this is "some of (their) best work."
But as the curtain falls you find yourself wondering what in the world can you possibly say about a production that you consider a failure in every way; under directed, under lit, overwrought, and overlong. You refuse to lie, but nor do you want to hurt anyone's feelings, especially when they've put so much time and effort into the venture.
Accentuate the positive
A congratulation is always appropriate, always honest, and always welcome. It doesn't mean you thought the show was great, or even adequate. It is simply an acknowledgement of someone's efforts. Some of the following are nice and innocuous:
Congratulations! I know you've really been looking forward to this night.
Congratulations! What's next for you?
Congratulations! How does it feel to have that out of the way?
Congratulations! It looked like you were having a lot of fun up there.
Congratulations! I saw so and so the other day and I'm going to tell them to come and see your show. I think they would really like it (After all, they have no taste and I never liked them anyway).