Okay, I've thought about it more.
It's hard to explain, but it doesn't feel like the original did. This seems like a different Mike Meyers. It kind of humanizes him, which is both good and bad. It kind of fleshes out Michael a little more, but it makes you slightly sympathetic to him. Which I don't like. He's supposed to be this unstoppable killing monster, but this "rendition" of him kind of takes that away.
It's still a bad ass movie in my opinion. It just doesn't feel scary in the "classic" sort of way, if that makes any sense.