I thought they did a respectable job. Some things were even better in the new version -- most notably strengthening the character of Princess Jasmine, now fighting to be heard and made the next Sultan rather than just deciding who to marry (though that's still in the story) -- and some worse. The plot, for instance, seems a little unfocused, and I thought the third act was a bit of a jumble, including one important plot point as the story comes to a head that for the life of me I can't figure out. My best guess is that a scene got cut. (I won't give it away.) Yes, it's weird to see Will Smith as blue, but it's okay, he's a genie, after all, and they wisely figured out a way for that to be kept to a minimum, as he now helps out Aladdin by acting as his "valet" and looks like a normal Will Smith. To his credit Smith didn't try to do Robin Williams, and does a perfectly fine, more restrained job. On the other hand, he's not Robin Williams. And it turned out a good decision to see it in 3-D, since the film is a vibrant production helped by the added depth to give it a richness. My biggest quibble on the technical end is that I thought the sound mix on the songs was awful, with the music much too loud, overpowering the lyrics.
I also thought that Naomi Scott as Princess Jasmine was the break-out star here, almost to the film's detriment, since as a result we almost lose the title character's story. (Her success will likely be enhanced when next seen co-starring in the upcoming remake of Charlie's Angels.) Scott also gets a new song for the film, written by the original movie's composer Alan Menken, with lyrics by Benj Pasek and Justin Paul (who did the score for La La Land and The Greatest Showman). The song, "Speechless," concerns the Princess finally breaking out and refusing to be kept silent anymore. It's a power ballad, needless-to-say, and very good -- more than a bit reminiscent perhaps of "Let It Go" from Frozen -- and not only does Scott soar with it, but I suspect the number will get an Oscar nomination for best song, and be a frontrunner.
They've released a music video of it. Two issues -- the clips they use from the movie don't compliment the song as well as idea (though they're understandably trying to sell the movie). Also, they have that same sound mix issue as in the film. But it's done well, and the song is centerpiece.