I must admit I haven't seen the 1965 original. Story in a nutshell is: plane crashes in the desert; the survivors discover that the only way to save themselves is to build a smaller plane out of the wreckage and fly out.
This version is OK. Dennis Quaid's performance as the prideful pilot is OK. Hugh Laurie is better than OK. Giovanni Ribisi is near-unrecognizable as the unlikeable aircraft designer with a Secret (which, once revealed, is pretty funny, but his co-passengers are understandably peeved).
Special effects, including a harrowing airplane crash in a sandstorm, are pretty good. I wouldn't recommend going out of your way to see this, but it's not bad if it's the only thing at the video store.