First thing's first: no. It is not as good as the original. That being said, anyone who claims this somehow retroactively ruins the original film is just being dramatic. The original film is still there on your disc, just as incredible as ever.
So I saw it earlier today, and I have to say, on its own merits, it was pretty good. Totally worth the price of admission. I though the social satire bit felt a little tacked-on, like the folks in charge finished the film, realized that the satire was the best part of the original, and decided to add in some bits with Samuel L. Jackson to criticize how willing we are to trade liberty for security. It's kind of heavy-handed. I'm also not in love with the new Robocop look, but the rest of the visual design looks great. I've been a fan of how ED-209 looked since I was a kid, and it only looks better here. It did bug the hell out of me that, at one point, where they show his lungs, the movement of the lungs wasn't well-synced with the actors breathing. Finally, I also liked the decision to have everyone know that Robocop is Murphy. It made the opportunity for his wife and son to play a part in the film, and I think it was better for it.
The final verdict: I don't regret the $11 I spent to see it, but I certainly don't intend to buy it on video. Anyone else have any thoughts?