I can't say this is better than the original, but it certainly is different. This version is darker and far more intense than the original. The love, the hate, the pain are so much more evident here than they were in the original, especially that of the children.
Of course, I'll have to watch the original to compare, but what I recall is that the original came across as light, fast moving and clever.
Close and Stewart don't have the chemistry of Hepburn and O'Toole, and the exchange of dialogue isn't as snappy. And I think that perhaps, this ultimately aids in the depth of that dialogue coming across better. Though, Close does play the B**ch very, very well.
Andrew Howard as Richard and John Light as Geoffrey were awesome. Richard's pain at being the constant pawn stuck in the middle of his parents' war and Geoffrey's pain at being no one's favorite were, well, painful to watch.
While I adore the original version of Lion in Winter, I just *get* this version so much more. Maybe it's because these actors are from my generation whereas those of the original are from my mother's, I don't know. So, overall, while TLIW 2003 is not better than the original, it is as good as the original, just in a different way.