...then watch this one first. Because IMHO the original 1936 version is just better. And then your opinion will not be colored by the comparison between the two. It's kind of like Son of Frankenstein versus Young Frankenstein. If you must watch both, watch Son of Frankenstein first, otherwise a serious movie will become unintentionally hilarious. But I digress.
This one has the same structure as the original - A scavenger hunt turns up the titular Godfrey (David Niven), who is given a job with the Bullock family as the butler. He's a bit mysterious and very urbane, but Irene Bullock (June Allyson), one of the daughters of the family, comes to love him. In the original, Godfrey's big secret was that he was from a rich family living among the city's forgotten men due to a love affair that ended badly. In this one, Godfrey is in the country illegally. Naturally they couldn't keep the original Great Depression centered plot - It would be ridiculous.
This film was well acted, well directed, and attractively shot. But other than being in color, I just could not see the point of this being remade. It's something that I watched once, found to be OK, but probably would not seek out again.