It's never been one of my favorite plays, however, I saw an excellent production of it at The Shakespeare Theater in Washington, DC.
It was set in the 60's in India. Ferdinand, the king, was a Maharishi Mahesh Yogi type (devoting himself to knowledge and eschewing the company of women). The lords attending him (Longaville, Dumanin and Boyet) were a famous rock band (a la The Beatles in their "Sgt. Pepper" period), Costard was a stoner. The Pricncess and her entourage entered on motorcycles and were clad in 60's mod outfits.
Live rock music was employed, and the fact that the King and his Lords were actual musicians added to the impact of this very stylish production.
Another great touch was when the King and his Lords entered as Russians, they were disguised as Russian Cosmonauts.
Terrific!