It's not a complete wash - the tone is nice, and the acting competent - but for the most part this remake is ill-advised and sort of stupid. There's very little effort put toward generating actual suspense, as director Samuel Bayer is content to let obvious sound cues do his scares for him, and though the movie is faintly more adult than its predecessor, that somehow makes it feel less subtle. What was an insinuation in Wes Craven's film becomes reality here, which is bold, but it makes for an extremely awkward narrative turn in the third act. For a movie that hadn't accomplished much besides dumb fun for the first hour, this twist really leaves a sour taste; all of a sudden the fantasy takes a dark, nasty plummet. Like many of A Nightmare on Elm Street's other failures, it seems like it might work in concept, the anchoring of a very fantastical story to a cruel new reality, but the preceding events are just too goofy. The foundation necessary for it to work isn't there.
Other than that, there's really not much to say about this remake. It's a mite darker than most contemporary horror fare, and there are some inventive visual flourishes, but other than that it's almost totally forgettable.