I've seen the 2000 film. It's not bad because of its paradigm. It's bad because the script, direction, acting, and effects are all terrible! Terrible, terrible, terrible. The plot doesn't make any sense, the actors all seem embarrassed to be there (except Jeremy Irons who just shameless chews the scenery) and it looks dreadful.
The new film is well made with a script that is mostly cohesive and a cast with good chemistry who gamely buy into the film. It's not high art, but it is a very well crafted action comedy.