There was a couple things I liked here. The tentacle armed demon, who is seen much too infrequently, and obviously inspired by Lovecraft. The skull-faced demon, who is quite creepy and effective. I also like the theme song by deathrock cult band 45 Grave. They've been around for a very long time, and this is their first new track in a long time. It's great to hear some new material, even if it's only one song.
Let me get right to the point and say what I really want to say- buy the original 1987 film. It's got style, humor, it's well-written and the effects are done well on a limited budget. It's a classic with character and just a fun time. I equally recommend Part 2, from 1994, which was directed by Australian cult director Brian Trenchard Smith (Dead End Drive In, Turkey Shoot, etc). Part 2 is half sequel and half remake of part one, only with a bigger budget and more tongue stuck into it's bloody cheek.
This new one, aside from what I mentioned in the first paragraph, has little going for it. Edward Furlong is on hand, trying hard to give a good performance and hold things together, but he seems to be wandering around not sure what he's doing or what is happening. There's a lot of trying-too-hard faux-sexiness and girl-girl touching blended with a lot of screaming and lights flashing and music blaring. It all adds up to nothing. It's boring. I say if you are going to remake a movie, do something really unique and different, or if not different, make it better in some way. But here they have not improved the original nor made it different in any interesting way. It fails and it's not scary. Boring. Skip it.