Suffers in a few places, but a few coats of polish and an expanded plot help even out the film.

Rating: 8/10 (20 July 2019)

The bad:
-James Earl Jones sounds tired, and his voice is off in a few places, but he still conveys the kind of warmth and power you would expect the Majestic Mufasa to portray.
-A couple mis-cast characters in the first act
-Beyonce's song. Sorry, she's a talented singer, but her song doesn't fit the tone of the rest of the film.
-A minor nitpick, but why can't we use the Elton John version of "Can You Feel the Love Tonight?"
-The early story is a bit rushed in places, but overall, it doesn't affect the quality of the film as a whole.
The good:
-The CGI work is amazing, and despite going a photo-realistic route, you can get a pretty good sense of who's who.
-The villains are given a bit more depth. Scar is fleshed out a bit more and his motivations are given a bit more time in the spotlight, while the hyenas have gone from bumbling lackeys to genuine threats. Shenzi in particular (Love you Whoopie, but Florence Kasumba has you beat here) benefits from this change.

Timon and Pumbaa are not only greatly toned down, now missing many of their fourth-wall breaks and senseless references to the human world, they're actually joined in their jungle home by a cast of other prey outcasts. Pumbaa benefits from their changes especially, even if Timon is hurt a bit by the story changes.

Nala and Sarabi are given more presence on-screen, each with their own means of driving the story forward. Some of the tone is borrowed from the TLK broadway play, and this is a GOOD thing! Sadly, poor Sarafina is still relegated to a single line.

So overall, what did I think? It's worth the watch, worth the ticket, and overall, I think just as enjoyable, on its own merits, as the original film. It won't replace the classic, but to say that the original is SO MUCH BETTER just... no, it isn't. I'd put them on equal footing.
I may give more thoughts later, when more people have had a chance to see it. Suffice it to say, however, this is a case where, yet again, the critics are wrong. Definitely recommend if you are a fan of the original. Just do not walk in expecting a shot-for-shot remake. That's not what this is, and I don't think the John Favreau intended it to be such.