I saw the movie for the first time a couple years ago and really liked it. Yes, part of that was Brit Eklund's (body double's) "appearance," but I thought it was very original. It isn't a traditional "horror" movie, but more of a psychological thriller with a very fatalistic approach.
From what I've read of the new version, it appears to bash the viewer over the head with the symbolism and change and add some things. I'm not a big Nic Cage fan, so I was pessimistic about this the first time I saw a preview which appeared to add a whole irrelevent background story. I still might go see this remake, but I doubt it at this point; maybe DVD.
The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents. ... The piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new dark age.
~ Howard Phillips Lovecraft