Let me say this right off the bat, the Kubrick version is the superior movie while the King/ Garris version is the superior adaptation.
What's wrong with the Kubrick version?
His misses out on certain very important plot elements. Jack seems to be crazy from the beginning. Jack's alcoholism is not as known as it should be. The Overlook only seems to be haunted in one or two scenes, the rest could be cabin fever. The breakdown of the family is not so clear, Jack and Danny don't seem to really love each other as much as they should. Differs greatly from the book.
What's right with Kubrick's version?
Superior directing. A very definitive style. Classic scenes ("Here's Johnny!"). Excellent acting. Danny seems to really be his age. Wendy really seems to be scared. Jack really does seem crazy when he's supposed to be. A very good horror movie in general. The hotel is much more imposing. Foreboding music helps to set mood. Differs greatly from the book (I'll explain why it's in both later).
What's wrong with the King/Garris version?
It suffers from many TV-Movie problems. The actors aren't quite as good. They use CGI when puppets, wires, or trick camera shooting could be equally effective. CGI looks out of place. Danny talks like a twenty-year old, although the same problem was in the book. Jack is fine when it comes to being Mr. Every Dad but he doesn't seem to be crazy when he's supposed to be. Jack's transformation doesn't seem so gradual as it should, Wendy says "You're old drinking habits have all come back" when the book shows each one pop up. It's the book, very little is changed so if you've read the book you pretty much know exactly what happens.
What's right with King/Garris' version?
It's not a remake of Kubrick's movie, it's a movie version's of King's book. It's the book, if you loved the book and are a die hard fan you'll love this. Very little is changed. Minor subplots are changed but movie works well without them. You get pretty much everything the Kubrick version left out.
Which one?
It depends. If you loved the book and are a die hard Stephan King fan then watch the Garris TV miniseries. If you are a regular movie fan or a Kubrick fan then watch the Kubrick version. Garris' is for the book fans. Kubrick's is for the non book fans.
Final Thoughts.
It's not really fair to compare the two movies. Each one has their own pros and cons. Kubrick's is more of a movie using the basic premise of the haunted hotel and the father who goes crazy. It's meant to be a movie that's not just a page by page adaptation of the book. Which you got to admire Kubrick for doing that. He did something that even those who memorized the book would be surprised and scared. But Garris did something that the die hard Stephan King fans can love. It depends on who you are. It is definitely not fair to compare the two since they are both very different from each other. Both are good in their own separate ways.
