The other engaging factor to this movie is the timeless quality of the setting and the costumes. It is obviously shot in a New York type place--but in what era? It's look and feel are totally modern, and yet, if you look closely, you'll notice that all the women and little girls are in beautiful dresses--always. In fact, all the character's except the bad guy--are all dressed for a holiday party at all times. It's really quite a lovely touch.
Out of loyalty, we do take out the original and play it now and then...to remind ourselves of the good things that can still come in black and white packages. But in the end--it's unanimous--the new version wins.