It's exactly the same story, almost told in the exact same way (almost down to the same shots and dialogue).
There are a few surprises here and there; a song that's sung in a totally different style, a few gags that you're expecting that take a different turn.
The animation is quite stunning, though I felt like there was some magic lost in the use of more realistic animation that the cartoon one had.
For me, it was a trip down memory lane. Maybe like playing the remastered version of a game you like that you've played a lot of. The animation is new but you're still going down familiar territory.
My 5 year old niece fell asleep during it. Not sure if it was because she thought it was boring, or because she'd had a late one the night before (she was on school holidays). She said after that she would have rather have gone to Pets 2.
Director of iron Man 1&2 plus the jungle book remake directed this as well. I would expect it to be pretty decent he doesn't seem like be puts out fluff movies
Jon Favreau is also the creator and head writer for the new Disney+ Star Wars series, The Mandalorian. He hasn't directed any of the episodes but he has indicated that he's interested in doing that if there's a season 2.
I've heard it's not bad. apparently the new Scar is more malevolent, and yet somehow better.
Side note, new Aladdin wasn't bad. new Jafar was the standout for me, a believeable motivation, and consistent to the end, to his downfall. Even Will Smith as the Genie wasn't terrible, coming at it from an open mind, remembering that he is very distinctly NOT Robin Williams. He let it down in a few spots, but that's more his limitations as an actor, than any real lack of effort.