This re-make is actually better than the classic version as visually it is much nicer, the action scenes are fantastic, the dialogue is much improved and Skeletor is an absolute hoot.
Although this is aimed at children (I am 27 years old) it certainly has mature blood pumping through it's veins and so means that adults can enjoy it with out being patronised.
The story lines are coherent and are interwoven. We are treated to origin stories and get a great insight into how Skeletor becomes so, how and why He-Man is protector of Eternity and back stories for the other main characters. I cannot express enough how much fun I have found watching this and I find it to be great inspiration regarding creating fantasy worlds for film.
The only reason this is not 5 stars is because it does have a slight twinge towards children but as noted, it is not too childish and can easily be enjoyed by an older audience...especially if you watched the original as a child like myself.