The overly romantic part of the movie I felt was an intriguing angle to follow (particularly how it started as , well, an afternoon out with a prostitute, ), but then the "I would do anythng for love" brought it down a bit for me.
ESPECIALLY in the middle, krono, you are right. From when he gets strapped down on the table to when he walks away, all scarred up, from Vanessa in the street, is super boring. The fight with Ajax in the flames had no tension, no excitement, nothing. We'd already seen that Ajax can take a beating and still live (as seen by his strength show at the gun sale, and again on the freeway when he was taken down and escaped), so showing Ajax was more or less Wade's match -again-in a flashback was redundant. We also knew that Wade wouldn't win, but we've already been shown that Wade heals through anything. So again, a redundancy in the scene to show Wade can come through anything. I would have cut the fight entirely, and just shown Wade leaving the burnt, smoking ruins, while healing from the fire.
For me, when watching on blu ray, I'm skipping this middle portion. Because, after his talk with Weasal, and how he starts designing his suit and hunting cronies, the movie didn't miss any more beats after that.
I think Colossus & Co. was just included to add more people that 'Pool could bounce dialogue off of, because otherwise the movie would be a bit empty. I mean, Angel, the cypher bad super strong chick was an empty character. But, at least I got to see Colossus again. Even if his arms were too short and hands too small.