I must begin by saying that I saw the original years before I saw this version so its hard not to make comparisons.
The first thing in the film's favour is that it takes what was a scary story anyway and tells it quite well. Secondly, there are a few spine chilling moments in the film - all borrowed from the 1963 film.
Unfortunately all this is undone by unsubtle effects and horror moments. I came away with the impression that Jan de Bont felt that the audience would be unsatisfied if they didn't see anything so threw in an effects driven finale...which spoils the ethos of the film.
Lines have been added to the story which are tainted with the usual Hollywood belief that audiences are esseentially stupid and points have to be reinforced.
The cast manage to make a good job of the material but at the end of the day Jan de Bont should not have been let near this. Its interesting to note in the accompanying featurette that the producers felt that the things you imagine can be much more powerful than what you see. I can only presume that this was why they wanted to make the film but somewhere along the line this idea was subverted.
In recent years, ghost story films have all been given "happier" endings, aiming for a redemption concept that tends to undermine the power of the story. This is no exception.
On a plus side, the transfer is excellent - the picture quality is clear and sharp. The sound is excellent even if some of the effects lack subtlety. The features are rather sparse comprising a short documentary and two trailers.
My advice - track down the 1963 original, expertly directed by Robert Wise. It is far superior. The 1999 remake is entertaining and has a few spooky moments but is disappointing overall.