I saw the film earlier today. I should note that I went into the film without any preconceived notions. I've never even seen a Rob Zombie film, and I was hoping that this remake would be just as good as the original or perhaps even better (the original is great, but it does have its flaws).
Unfortunately, I have to report that the film is, overall, a disappointment. I agree with most of the points that the author of the thread has made. The long exposition with young Michael is not effective, and the rest of the film feels rushed. As a result, there is little to no characterization of the female protagonists. Similarly, there is little to no build-up of suspense. It seems to me that Zombie needs to learn to slow down and take his time to create ATMOSPHERE and TENSION. I also found the use of sound, one of the hallmarks of the original, lacking.
Nevertheless, I still enjoyed the second half of the film somewhat. The visuals are quite good. Michael looks great once he dons his trademark mask, and the actor playing the part conveys the character's strength and brutality well (not to mention the fact that the guy is simply massive).
I suppose the film is worth seeing once, but I was hoping for more. The first half of the film is basically disposable, and the second half features nonstop brutality without a trace of the original's amazing atmosphere.