The remake is a good film - as critical consensus and box office performance would suggest.
Jackie Chan is excellent in Karate Kid. It would be easy to make lazy and dismissive comments, influenced by perceptions of his previous work. However, in reality, it is an accomplished performance - and provoked talk of him being a possible Oscar contender - albeit an 'outsider' chance!
The relationship between the two main protagonists is touching; the cinematography and score are great - and the combat scenes wipe the floor with the original.
People were cheering in the showing I saw. Not sure whethers some of the posters on this thread have actually seen the film.
I agree it was overlong and could have done with tighter editing though.