When WWE decided to bring back ECW due to the success of the One Night Stand PPV alot of fans knew it would be different. As i write this it's now over a year since they brought it back and it's nothing like the original ECW, however, that doesn't mean it's bad. Weekly i find ECW more entertaining than Smackdown, they've got a decent roster on ECW, what limited divas they have on the show are pretty good, kelly kelly shows a marked improvement every week. If WWE use ECW like a middle ground between developmental territories and Raw/Smackdown it'll work out well. They're kind of doing this already with guys like Kofi Kingston, CM Punk, Elijah Burke etc it could also prove useful for guys who are stuck in a rut to get a fresh start (Shelton benjamin).
Any semblance of the chaos of the original ECW is gone but the style is definatley different that Raw/Smackdown, it's harder hitting and rawer, but some of that could be down to the inexperience of the guys on the roster.
Overall if you're looking for an easy hours entertainment with the feel of a 2 hour wrestling show you can't go wrong with the new ECW.