If you had never seen the original version...
...and first saw this 1994 version, I would think you would wonder why anyone bothered with this film.
It seems to be a much more somber, slow-paced, drama that doesn't have much fun to it. I think any film that has as its centerpiece, a question about whether there is truly a Santa Claus, is wasting its time as a serious drama.
It needs to be more lighthearted and fun to watch. Kris is fine, but the little girl is not at all good in her role. The bad guys are too nasty and believable to make it not seem like serious threats. The courtroom resolution has no joyfully, wild, manner to it, just some discussion saying "If X, then Y must be, too."
I was turned off by the proposal scene where the lawyer gives an engagement ring that seems to truly shock our female lead. Her reaction, saying something along the lines of "what ever made you think we were having that sort of relationship?" truly makes the lawyer look like a clueless fool.
To me, this movie is about an 80%-miss, with just a few good scenes.
NOW, if you have seen the original: Then you really have things about this remake to not like.