When I first heard of this, I didn't have high hopes for it at all.
I was not going to watch it as early as it debuted, as it should be a Christmas movie. I don't start watching Christmas movies until it looks like Christmas (trees up, lights up, etc); living in SE Texas, it's rarely going to feel like Christmas weather-wise.
So the wife and I watched last night. When it ended, my wife blurted out, "that was great!" (and she really doesn't care for the original, perhaps because I allow it to loop on TNT all Christmas day). They told a good story with enough nostalgia and callbacks to the original. I did think I saw one of the phones in the house with push buttons, which to my recollection didn't become a thing until the late 70s (movie was set in the early 70s). There were some legit onion-cutting moments in the movie which had me thinking fondly on memories with my grandparents and parents (all passed on now).
That movie was so much better than it had any right to be.