I thought they were goint to rename the film The Kung Fu Kid, since Jackie Chan's character teaches him kung fu (in real life Chan knows kung fu not karate). And while I don't think a remake was needed, and the original is still incredible, I hate to admit that this movie looks pretty good. The name change would have probably helped me get over the fact that someone felt a remake was needed.
Watch the preview. Notice at the end when Chan is trying to catch a fly with chopsticks, a la Mr. Miyagi, that Joe Esposito's You're The Best Around is playing in the background...awesome!