You know, I don't really see how they could have done a better job of remaking this particular movie. It's got the perfect balance between updated and identical elements (identical: plot structure, updated: location and races), with what is easily Chan's best performance, as well as a surprisingly good one from newcomer Jaden Smith. The film is also beautifully shot, almost perfectly paced (it may be a bit too long before we see Chan) and excellently cast. So while the story might be as predictable as they come, and while remakes might be starting to get too plentiful, this one has plenty of new things to offer that the original did not, and is well-made in every other aspect. Definitely recommended.
In a sentence:
Fantastic performances from Chan and Smith, beautiful cinematography, great pacing, and a surprisingly fresh new take on the original story.