I just saw the remake at the Dublin horrorthon, it is made quite well. I was expecting to be disappointed and while I don't think it was as good as the original it is still a good film in its own right and will probably make a fortune at the box office.
I liked the way they kept it based in Japan but I thought they had too many American actors in it.
I didn't find it scary though, but thats because I had already seen the original version and this has basically taken the exact same script with only a couple of changes to explain why all the main characters came to be in Japan.