While this remake isn't all bad it lacks the impact that the original has. They've done a good job of trying to reinvent it, by taking it out of the US to China, but in key area's it just isn't as strong as the original.
For starters, "Jacket on, Jacket off" just doesn't have the same ring to it as "wax on, wax off". It's not nearly as snappy and just doesn't work for me. "Wax on, Wax off" is iconic and the writers have really struggled here to find something to replace it with... and in the end I think they failed.
This happened too with the whole crane kick thing - which they tried to replace with some sort of snake charming nonsense. I get the whole Chi thing, but when it came to the final fight, the the whole "Snake eyes" thing didn't work. It wasn't the final, fight ending move, and so lacked the impact on the viewer that the "indefensible" Crane Kick had.
Also, the bad guys just aren't as menacing as the Cobra Kai of in the original classic. In the original film you felt that the gang who had it in for Daniel Larousso were a pretty mean and fearsome bunch - in this they don't seem that bad at all. They're just a bunch of kids and the bullying wasn't that bad at all.
I didn't mind Jayden Smith as much as I thought I would, and in fact - credit where credit's due - I actually think he did a good job. Overall, it was an OK watch, your kids will love it - but apart from the stunning Chinese scenery and settings the original is better in every way.