Streisand ruined this movie for me. Her character was annoying but with a more charming actress like Audrey Hepburn or Natalie Wood I could've looked past it. I can maybe even see someone like Bette Davis playing this role back in the 1930s or 40s. To add to that I don't think she had much chemistry with Redford. With that said I love the concept of the film and I wouldn't want to see it remade.
Babs may have been miscast, but that is what we are stuck with in a Streisand film. Anything she is in is basically a vanity production, intended to make her the center of attention, and to make her look good. If you are a big fan of hers, and they tell me there are many, then seeing a Streisand infomercial is a good thing. However, if you want to see a credible and balanced story, you won't get one if she is in it. (There may be exceptions such as Meet the Parents, but these are well beyond her heyday.)
Barbara Hershey, Katherine Ross, they can actually act, anyone but Babs, her films are so one dimensional as the above poster mentioned. When she first hit the big screen she was riding her popularity, upon repeat viewings her films are just stale. I will however say that I enjoyed Yentl she seemed to calm down her style a bit in that film.