One of the most memorable episodes in the original Twilight Zones was "It's a good life".
The newer Twilight Zone tried to recapture some of the original's magic, and failed miserably, there was the teacher who saw who was going to die because of a halo around their faces, or the Monsters are on Maple street, both extremely obvious and boring remakes of the originals with slight changes (wow instead of a war we have a school shooting, who could have seen that coming. And WOW! the ending was so shocking I couldn't have seen it coming... 40 years ago)
There's a vast difference in the show of the the 50s, compared to the show of 2002. The acting calibur is a bit lower, and the fact that special effects were either overshadowing the story, or barely beat the original series. But this story took the original and did exactly what should have been done with the series, updated the graphics (but not too much), and wrote a very believable story.
Above all that, they got the immensly talented actors who had created the original story and characters, Cloris Leachman reprises her role as the mother, and Bill Mumy, the "monster" has reprised his role with a startling accuracy. And in what could be considered a bit of nepotism, Lilian Mumy plays the Bill Mumy's daughter. However she pulls off the role, not just well, but flawlessly.
Overall this was a great episode, and wonderful sequal, while it'll make some fans a little sad or disappointed, the episode was the highest point of the series, and while it's not the greatest thing ever on tv, it deserves acclaim for great story, wonderful acting, and a homage to the original that didn't insult the fan, nor insult the original.