Saw this at the Taipei Film Festival last week. It was a special screening due to it's graphic nature and the uncut print not having been rated by the Taiwanese authorities.
I quite liked it.
Elijah Wood gives a good performance of the iconic role, so greatly played by Joe Spinnel before. in case you don't know though, Wood is not on screen a lot, as the movie plays out in first person view 98% of its running time, so he is only seen in reflections and and (IIRC) two scenes where the camera switches and actually shows him (an opportunity was given away here, as those two scenes could have meant that he is "not himself" at the time, but that was not what they did
). While I am not the fan of this first person view idea, it was here and followed through quite well.
Some stuff is actually explained better than in the original, other stuff is weaker. With that, and the first person view, I say that this can stand next to the original and supplement it.